Power Solutions International, Inc. (NASDAQ:PSIX) Files An 8-K Entry into a Material Definitive AgreementItem 1.01
On July17, 2017, Power Solutions International, Inc. (the “Company”) entered into a fourth amendment (the “Fourth Amendment”) to the second amended and restated credit agreement, by and between the Company, Professional Power Products, Inc., Powertrain Integration Acquisition, LLC and Bi-Phase Technologies, LLC and Wells Fargo Bank, National Association, as agent for the lenders party thereto (“Wells Fargo”) and the lenders party thereto, dated as of June28, 2016, as amended by the first amendment and waiver thereto, dated as of August22, 2016, as amended by the second amendment and waiver thereto, dated as of December19, 2016, and as amended by the third amendment, consent and waiver thereto, dated as of March31, 2017 (as amended, the “Wells Fargo Agreement”). Amongst other things, the Fourth Amendment reduced the Availability Block (as defined in the Wells Fargo Agreement) from $25million to $12.5million (which increases availability under the Wells Fargo Agreement by up to $12.5 million), reduced the basis on which the commitment fee is calculated to exclude the Availability Block from the aggregate amount of commitments thereunder and reduced the increase in interest rate margin until the Company’s audited financial statements for the fiscal year ended December31, 2016 have been provided to Wells Fargo from 200 basis points (2%) to 100 basis points (1%) (resulting in a decrease in margin of 100 basis points (1%)).
The foregoing description of the Fourth Amendment is not complete and is qualified in its entirety by reference to the Fourth Amendment, a copy of which is attached hereto as Exhibit 10.1, and is incorporated herein by reference.
| Item 1.01 | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The information provided in Item 1.01 of this Current Report is incorporated herein by reference.
| Item 1.01 | Financial Statements and Exhibits. |
(d) Exhibits
The Exhibit Index appearing immediately after the page to this report is incorporated herein by reference.
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POWER SOLUTIONS INTERNATIONAL, INC. ExhibitEX-10.1 2 d387918dex101.htm EX-10.1 EX-10.1 Exhibit 10.1 FOURTH AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT THIS FOURTH AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is entered into as of July 17,…To view the full exhibit click here
About Power Solutions International, Inc. (NASDAQ:PSIX)
Power Solutions International, Inc. is a producer and distributor of a range of low-emission power systems that run on non-diesel fuels, such as natural gas, propane and gasoline. The Company’s industrial power systems are used by original equipment manufacturers (OEMs) in a range of industries with a diversified set of applications, including stationary electricity generators, oil and gas equipment, forklifts, aerial work platforms, industrial sweepers, arbor equipment, agricultural and turf equipment, aircraft ground support equipment, construction and irrigation equipment, and other industrial equipment. The Company provides alternative fuel power systems for OEMs of off-highway industrial equipment and on-road medium trucks and busses. In addition to its emission-certified power systems, the Company produces and distributes non-emission-certified power systems for industrial OEMs for particular applications in markets without emission standards.
