Altra Industrial Motion Corp. (Nasdaq:AIMC), a leading global
supplier of electromechanical power transmission and motion control
products, today announced that it has entered into an agreement to
amend its existing credit facility. This amendment, which
will become effective upon the closing of Altra’s purchase of
Stromag (announced today in a separate release) increases Altra’s
revolving credit facility by $75 million to $425 million. The
Company expects to use the increased facility to finance Altra’s
purchase of Stromag. The amendment also resets the possible
expansion of up to $150 million of additional future loan
commitments. In addition, the amendment increases the
multicurrency sublimit to $250 million and adjusts certain
financial covenants. The pricing terms and maturity date
under the Credit Agreement remain unchanged.
About Altra Industrial Motion Corp.
Altra Industrial Motion Corp., through its subsidiaries, is a
leading global designer, producer and marketer of a wide range of
electromechanical power transmission and motion-control products.
The Company brings together strong brands covering over 40 product
lines with production facilities in twelve countries. Altra's
leading brands include Ameridrives Couplings, Bauer Gear Motor,
Bibby Turboflex, Boston Gear, Delroyd Worm Gear, Formsprag Clutch,
Guardian Couplings, Huco, Industrial Clutch, Inertia Dynamics,
Kilian Manufacturing, Lamiflex Couplings, Marland Clutch, Matrix,
Nuttall Gear, Stieber Clutch, Svendborg Brakes, TB Wood's, Twiflex,
Warner Electric, Warner Linear, and Wichita Clutch.
All statements, other than statements of historical fact
included in this release are forward-looking statements, as that
term is defined in the Private Securities Litigation Reform Act of
1995. These statements include, but are not limited to, any
statement that may predict, forecast, indicate or imply future
results, performance, achievements or events. Forward-looking
statements can generally be identified by phrases such as
"believes," "expects," "potential," "continues," "may," "should,"
"seeks," "predicts," "anticipates," "intends," "projects,"
"estimates," "plans," "could," "designed", "should be," and other
similar expressions that denote expectations of future or
conditional events rather than statements of fact. Forward-looking
statements also may relate to strategies, plans and objectives for,
and potential results of, future operations, financial results,
financial condition, business prospects, growth strategy, use of
proceeds from the increased credit facility, and liquidity, and are
based upon financial data, market assumptions and management's
current business plans and beliefs or current estimates of future
results or trends available only as of the time the statements are
made, which may become out of date or incomplete. Forward-looking
statements are inherently uncertain, and investors must recognize
that events could differ significantly from our expectations.
In addition to the risks and uncertainties noted in this
release, there are certain factors that could cause actual results
to differ materially from those anticipated by some of the
statements made. These include: (1) competitive pressures, (2)
changes in economic conditions in the United States and
abroad and the cyclical nature of our markets, (3) loss of
distributors, (4) the ability to develop new products and respond
to customer needs, (5) risks associated with international
operations, including currency risks, (6) accuracy of estimated
forecasts of OEM customers and the impact of the current global
economic environment on our customers, (7) risks associated with a
disruption to our supply chain, (8) fluctuations in the costs of
raw materials used in our products, (9) product liability claims,
(10) work stoppages and other labor issues, (11) changes in
employment, environmental, tax and other laws and changes in the
enforcement of laws, (12) loss of key management and other
personnel, (13) risks associated with compliance with environmental
laws, (14) the ability to successfully execute, manage and
integrate key acquisitions and mergers, (15) failure to obtain or
protect intellectual property rights, (16) risks associated with
impairment of goodwill or intangibles assets, (17) failure of
operating equipment or information technology infrastructure, (18)
risks associated with our debt leverage and operating covenants
under our debt instruments, (19) risks associated with restrictions
contained in our Convertible Notes and Credit Facility, (20) risks
associated with compliance with tax laws, (21) risks associated
with the global recession and volatility and disruption in the
global financial markets, (22) risks associated with
implementation of our ERP system, (23) risks associated with the
Svendborg and Guardian acquisitions and integration and other
acquisitions, (24) risks associated with the closure of the
Company's manufacturing facility in Changzhou, China, (25)
risks associated with certain minimum purchase agreements we have
with suppliers, (26) risks associated with our exposure to variable
interest rates and foreign currency exchange rates, (27) risks
associated with interest rate swap contracts, (28) risks associated
with the potential dilution of our common stock as a result of our
convertible notes, (29) risks associated with our exposure to
renewable energy markets, (30) risks related to regulations
regarding conflict minerals, (31) risks related to restructuring
and plant consolidations, (32) risk associated with the UK vote to
leave the European Union and (33) other risks, uncertainties and
other factors described in the Company's quarterly reports on Form
10-Q and annual reports on Form 10-K and in the Company's other
filings with the U.S. Securities and Exchange
Commission (SEC) or in materials incorporated therein by
reference. Except as required by applicable law, Altra Industrial
Motion Corp. does not intend to, update or alter its forward
looking statements, whether as a result of new information, future
events or otherwise. AIMC-G
The Altra Industrial Motion Corp. logo is
available at
http://www.globenewswire.com/newsroom/prs/?pkgid=4038
Contacts:
Christian Storch
Chief Financial Officer
Altra Industrial Motion Corp.
781-917-0541
Email: christian.storch@altramotion.com
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