HYSTER-YALE MATERIALS HANDLING, INC. (NYSE:HY) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01.Entry Into a Material Definitive Agreement
Item 2.03.Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement
On April 3, 2019, Hyster-Yale Materials Handling, Inc. (“Hyster-Yale”), its wholly owned subsidiaries, Hyster-Yale Group, Inc., Hyster-Yale Nederland B.V., Hyster-Yale International B.V., Hyster-Yale Holding B.V., Bolzoni Capital Holding B.V., Hyster-Yale UK Limited, Bolzoni Capital UK Limited and Bolzoni Auramo, Inc (collectively, the “Facility Borrowers”), and certain subsidiaries of Hyster-Yale, as guarantors, entered into a Third Amendment to Amended and Restated Loan, Security and Guaranty Agreement (the “Amendment”) with certain financial institutions as lenders, and Bank of America, N.A., as administrative agent and security trustee, for its floating-rate revolving credit facility (the “Facility”). As a result of the Amendment, among other items, (i) the aggregate commitments under the Facility were increased from $200.0 million to $240.0 million and (ii) Bolzoni Auramo, Inc was designated as a “U.S. Borrower” under the Facility. After giving effect to the Amendment, the Facility consists of a U.S. revolving credit facility in the amount of $150.0 million and a non-U.S. revolving credit facility in the amount of $90.0 million.
Certain of the banks and financial institutions that are parties to the Facility and their respective affiliates have in the past provided, are currently providing and in the future may continue to provide investment banking, commercial banking and other financial services to Hyster-Yale and its subsidiaries in the ordinary course of business for which they have received and will receive customary compensation. In the ordinary course of business, such banks and financial institutions and their respective affiliates may participate in loans and actively trade the equity securities of Hyster-Yale for their own account or for the accounts of customers and, accordingly, such banks and financial institutions and their respective affiliates may at any time hold long or short positions in such securities.
About HYSTER-YALE MATERIALS HANDLING, INC. (NYSE:HY)
Hyster-Yale Materials Handling, Inc., and its subsidiaries, design, engineer, manufacture, sell and service lift trucks and aftermarket parts. The Company markets its lift trucks and aftermarket parts under the Hyster and Yale brand names. The Company also operates through Nuvera Fuel Cells, Inc. (Nuvera), which is an alternative-power technology company focused on fuel-cell stacks and related systems. The Company operates through four segments: the Americas, EMEA, JAPIC and Nuvera. The Company’s lift truck business comprises its three management units: the Americas, EMEA and JAPIC. The Americas includes operations in the United States, Canada, Mexico, Brazil, Latin America and its corporate headquarters. EMEA includes operations in Europe, the Middle East and Africa. JAPIC includes operations in the Asia and Pacific regions, including China. The Company manufactures components, such as frames, masts and transmissions, and assembles lift trucks.