WARREN, Ohio, Dec. 2, 2011 /PRNewswire/ -- Stoneridge, Inc. (NYSE: SRI) today announced the Company entered into a new asset-based credit facility which permits borrowing up to a maximum level of $100 million. This Second Amended and Restated Credit and Security Agreement (the "New Agreement") replaces the current asset-based facility which was to expire on November 1, 2012. The new agreement does not contain financial performance covenants which would constrain the Company's borrowing capacity. However, the new agreement contains restrictions which have been enhanced from our previous agreement and includes increased limits on capital expenditures, operating leases, investments and other activities in negative covenants some of which are based on levels of undrawn availability. In addition, the new agreement increases the sublimit on Mexican inventory which has increased as our operations have continued to expand. This will increase the borrowing base but will have no effect on the $100 million limit. The credit facility expires on December 1, 2016, and requires the payment of a facility fee of 0.30% to 0.40%, based on the Company's undrawn availability, as defined. Interest is payable monthly at either (i) the higher of the prime rate or the federal funds rate plus 0.50%, plus a margin of 0.20% to 0.85% or (ii) LIBOR plus a margin of 1.20% to 1.85%, depending on the Company's undrawn availability, as defined. "The new credit facility will offer Stoneridge greater flexibility in financing our growth initiatives such as the recently announced PST transaction to purchase an additional 24% ownership in our Brazilian joint venture," said George E. Strickler, executive vice president and chief financial officer. "The terms of our new facility will aid us in meeting our strategic growth objectives for years to come in an uncertain financial environment." About Stoneridge, Inc. Stoneridge, Inc., headquartered in Warren, Ohio, is an independent designer and manufacturer of highly engineered electrical and electronic components, modules and systems principally for the commercial vehicle, automotive and agricultural and off-highway vehicle markets. Additional information about Stoneridge can be found at www.stoneridge.com.