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Holley Inc. Announces a New $825 Million Credit Facility
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Rhea-AI Summary
Holley Inc. (NYSE: HLLY) successfully refinanced its 2018 credit facility, securing an $825 million credit package. This includes a $600 million first-lien term loan, a $125 million revolving credit line, and a $100 million delayed draw loan. The new terms offer more favorable interest rates compared to the previous debt and enhance borrowing capacity to support future acquisitions. CFO Dominic Bardos emphasized the refinancing as a key milestone for the company, indicating a positive outlook for growth.
Positive
Refinanced 2018 credit facility for $825 million.
New $600 million term loan provides favorable interest rates.
Lowers interest rates and expands capacity for future borrowing
BOWLING GREEN, Ky.--(BUSINESS WIRE)--
Holley Inc. (NYSE: HLLY), the largest and fastest growing platform in the enthusiast branded performance automotive aftermarket category, today announced the successful refinancing of its 2018 credit facility with a new $825 million credit facility. The new facility is comprised of seven-year $600 million first-lien term loan, a five-year $125 million revolving credit facility, and a $100 million delayed draw term loan. The new term loan priced at LIBOR +375 basis points. Neither the delayed draw term loan nor the revolver were funded at closing.
“This transaction represents another milestone for our company,” said Dominic Bardos, Chief Financial Officer of Holley. “The refinancing provides more favorable interest rates than the debt that was replaced, while simultaneously expanding our capacity for future borrowing to support our acquisition strategy. I am pleased with the outcome of this refinancing transaction.”
About Holley
Holley Inc. (NYSE: HLLY) is a leading designer, marketer, and manufacturer of high-performance products for car and truck enthusiasts. Holley offers the largest portfolio of iconic brands that deliver innovation and inspiration to a large and diverse community of millions of avid automotive enthusiasts who are passionate about the performance and personalization of their classic and modern cars. Holley has disrupted the performance category by putting the enthusiast consumer first, developing innovative new products, and building a robust M&A process that has added meaningful scale and diversity to its platform. For more information on Holley, visit https://www.holley.com.
Investor Relations
Ross Collins or Stephen Poe Alpha IR Group 312-445-2870
HLLY@alpha-ir.com
Source: Holley Inc.
FAQ
What is Holley Inc.'s recent financial move regarding credit facilities?
Holley Inc. refinanced its 2018 credit facility, securing an $825 million package, which includes a $600 million term loan.
How will Holley's refinancing affect its future acquisitions?
The refinancing expands Holley's capacity for future borrowing, supporting its acquisition strategy.
What are the terms of Holley Inc.'s new credit facility?
The new credit facility consists of a $600 million first-lien term loan, a $125 million revolving credit facility, and a $100 million delayed draw term loan.
What is the significance of the interest rates in Holley's refinancing?
The new term loan offers more favorable interest rates than the debt it replaced.
What does HLLY stand for in the stock market?
HLLY is the stock symbol for Holley Inc. on the NYSE.
