Business Context and Reporting Period
Company: Cooper-Standard Holdings Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: June 12, 2014
Event Date: June 11, 2014
Context: The filing reports the execution of Amendment No. 1 to the Company's Second Amended and Restated Loan Agreement, specifically modifying its asset-based revolving credit facility (ABL Facility).
Key Financial Metrics
This filing focuses on debt facility capacity rather than operational performance metrics. The text does not provide revenue, profit, cash flow, or margin data.
| Metric | Value |
|---|---|
| Previous ABL Facility Commitment | $150,000,000 |
| New ABL Facility Commitment | $180,000,000 |
| Uncommitted Incremental Loan Facility | $75,000,000 |
| Potential Total ABL Facility | $255,000,000 |
| Outstanding Letters of Credit | Approximately $37,000,000 |
| Agent Bank | Bank of America, N.A. |
Material Changes
- Increased Credit Capacity: Aggregate lender commitments under the ABL Facility were increased by $30,000,000, from $150 million to $180 million.
- Incremental Option: The amendment introduced an uncommitted incremental loan facility of up to $75 million, contingent on the Company requesting it and obtaining applicable commitments.
- Administrative Updates: Several related administrative and conforming changes were implemented alongside the commitment increase.
Guidance, Outlook, and Risks
The filing does not contain management commentary, forward-looking guidance, or specific risk factors beyond the standard terms of the credit agreement. The availability of funds under the ABL Facility is subject to borrowing base availability.
Investor Verification Checklist
- Verify the current utilization rate of the $180 million committed facility against the $37 million in outstanding letters of credit.
- Confirm the specific "borrowing base" formula and collateral requirements that determine actual availability under the ABL Facility.
- Review the terms and conditions required to activate the uncommitted $75 million incremental loan facility.
- Check for any covenants or financial ratios associated with the amended loan agreement that could impact future liquidity.