Hayes Lemmerz International (MM) (NASDAQ:HAYZ)
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Hayes Lemmerz Amends and Restates Credit Agreement; Completes New
$150 Million Term Loan
NORTHVILLE, Mich., April 11 /PRNewswire-FirstCall/ -- Hayes Lemmerz
International, Inc. (NASDAQ:HAYZ) announced today that it has amended and
restated the Credit Agreement, originally dated June 3, 2003, governing its
existing Senior Secured Term Loan and Senior Secured Revolving Loan. The
Amended and Restated Credit Agreement will provide the Company with additional
flexibility under certain financial covenants and increase the Company's
ability to fund growth opportunities. Among other things, the Amended and
Restated Credit Agreement:
* establishes a new second lien $150 million term loan, from which
approximately 50% of the net proceeds were used to repay a portion of the
existing Senior Secured Term Loan, with the remainder to be used for general
corporate purposes;
* reduces the Company's interest rate on the existing term loan by 50 basis
points;
* favorably modifies the financial covenants; and
* allows the Company to retain 50% of the net proceeds from the proposed
divestiture of its Commercial Highway Hub and Drum business for capital
expenditures.
James Yost, Vice President of Finance and Chief Financial Officer, said, "We
are extremely pleased with the continued show of support from our existing
lenders and the commitment of our new investors. The new financing
arrangements significantly enhance the Company's liquidity, provide greater
flexibility and enable us to continue our strategic investments in geographic
and product areas that have greater investment return and cash flow generation
potential."
Hayes Lemmerz International, Inc. is a world leading global supplier of
automotive and commercial highway wheels, brakes, powertrain, suspension,
structural and other lightweight components. The Company has 43 facilities and
approximately 11,000 employees worldwide.
This press release includes forward looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934, as amended, which represent the Company's expectations
and beliefs concerning future events that involve risks and uncertainties which
could cause actual results to differ materially from those currently
anticipated. All statements other than statements of historical facts included
in this release are forward looking statements. Factors that could cause
actual results to differ materially from those expressed or implied in such
forward looking statements include the factors set forth in our periodic
reports filed with the SEC. Consequently, all of the forward looking
statements made in this press release are qualified by these and other factors,
risks, and uncertainties.
DATASOURCE: Hayes Lemmerz International, Inc.
CONTACT: Marika P. Diamond of Hayes Lemmerz International, Inc.,
+1-734-737-5162
Web site: http://www.hayes-lemmerz.com/