Linamar Renews and Extends its Bank Credit Facility

• Aggregate principal amount of up to C$1,175 million to fund corporate purposes
• Maintains favourable pricing and flexibility to support Linamar's growth
• Four-year extension with substantially consistent terms

GUELPH, ON, Nov. 22, 2022 /CNW/ - Linamar Corporation (TSX: LNR) is pleased to announce that it has renewed its principal bank credit facility for a further four-year term ending in November 2026. The facility is a committed, revolving credit facility (the "Revolving Facility") available to fund general corporate purposes. The maximum principal amount of the Revolving Facility is C$1,175 million. The Revolving Facility is under terms and conditions largely consistent with but overall more favourable than Linamar's previous credit facilities. This Revolving Facility has been fully underwritten by commitments of its syndicate of Canadian and International financial institutions, led by Bank of Montreal, The Toronto-Dominion Bank, The Bank of Nova Scotia, and National Bank of Canada. 

Linda Hasenfratz, Executive Chair and CEO of Linamar, comments: "We are committed to driving long-term shareholder value through our focused growth strategy. This amended and restated credit facility provides the capacity, pricing, and flexibility to support our growth and ongoing capital requirements. The renewed commitment from our entire syndicate of lenders is an endorsement of Linamar's growth strategy."

Additional details regarding the amended credit facility will be included in Linamar's forthcoming annual information form.

Linamar Corporation (TSX: LNR) is an advanced manufacturing company where the intersection of leading-edge technology and deep manufacturing expertise is creating solutions that power vehicles, motion, work and lives for the future. The Company is made up of two operating segments – the Industrial segment and the Mobility segment, both global leaders in manufacturing solutions and world-class developers of highly engineered products. The Industrial segment is comprised of Skyjack, MacDon and Salford. Skyjack manufactures scissor, boom and telehandler lifts for the aerial work platform industry. MacDon manufactures combine draper headers and self-propelled windrowers for the agricultural harvesting industry. Salford also supplies the agriculture market with farm tillage and crop fertilizer applicator equipment. The Mobility segment is subdivided into three regional groups: North America, Europe and Asia Pacific. Within the Mobility segment, the regional groups are vertically integrated operations combining expertise in light metal casting, forging, machining and assembly for both the global electrified and traditionally powered vehicle markets. The Mobility segment products are focused on both components and systems for new energy powertrains, body and chassis, driveline, engine and transmission systems of these vehicles. In addition to the recently formed eLIN Product Solutions Group that focuses on Electrification, McLaren Engineering provides design, development, and testing services for the Mobility segment. Linamar's recently announced medical solutions group, Linamar MedTech, focuses on manufacturing solutions for Medical Devices and Precision Medical Components. Linamar has 27,140 employees in 65 manufacturing locations, 14 R&D centres and 28 sales offices in 17 countries in North and South America, Europe and Asia, which generated sales of $6.5 billion in 2021. For more information about Linamar Corporation and its industry-leading products and services, visit www.linamar.com or follow us on our social media channels.

Forward Looking Information, Risk and Uncertainties

Certain information provided by Linamar in this press release, MD&A, the consolidated financial statements, and other documents published throughout the year which are not recitation of historical facts may constitute forward-looking statements. The words "may", "would", "could", "will", "likely", "estimate", "believe", "expect", "plan", "forecast" and similar expressions are intended to identify forward looking statements. Readers are cautioned that such statements are only predictions, and the actual events or results may differ materially. In evaluating such forward-looking statements, readers should specifically consider the various factors that could cause actual events or results to differ materially from those indicated by such forward-looking statements.

Such forward-looking information may involve important risks and uncertainties that could materially alter results in the future from those expressed or implied in any forward-looking statements made by, or on behalf of, Linamar. Some of the factors and risks and uncertainties that cause results to differ from current expectations include, but are not limited to, changes in the competitive environment in which Linamar operates, OEM outsourcing and insourcing; sources and availability of raw materials; labour markets and dependence on key personnel; dependence on certain customers and product programs; technological change in the sectors in which the Company operates and by Linamar's competitors; delays in or operational issues with product launches; foreign currency risk; long-term contracts that are not guaranteed; acquisition and expansion risk; foreign business risk; cyclicality and seasonality; capital and liquidity risk; legal proceedings and insurance coverage; credit risk; emission standards;  tax  laws;  securities  laws  compliance  and  corporate  governance  standards;  fluctuations  in  interest  rates; environmental emissions and safety regulations; trade and labour disruptions; world political events; pricing concessions to customers; and governmental, environmental and regulatory policies.

The foregoing is not an exhaustive list of the factors that may affect Linamar's forwarding looking statements. These and other factors should be considered carefully, and readers should not place undue reliance on Linamar's forward-looking statements. Linamar assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements.

SOURCE Linamar Corporation

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