HAUPPAUGE, N.Y., April 28, 2016 /PRNewswire/ -- VOXX
International Corporation (NASDAQ: VOXX) today announced that it
has successfully completed the refinancing of its global Revolving
Credit Facility.
The Company has entered into an amended and restated
$140.0 million facility, with a
$15.0 million sublimit for letters of
credit, and the right to increase the maximum revolver amount to
$175.0 million. The outstanding
principal under such credit facility carries an interest rate of
LIBOR plus 1.75% to 2.25%, based on excess availability, and
matures on April 26, 2021. The
Company also secured a $15.0 million
term loan, due July 1, 2020, and
which carries an interest rate of LIBOR plus 4.25%. Wells
Fargo Bank, National Association is the lead bank, with Key Bank,
National Association, Citibank N.A. and HSBC Bank USA, National Association, all participants in
this combined $155.0 million
refinancing.
Pat Lavelle, President and CEO of
VOXX International Corporation stated, "This new financing
increases our borrowing capacity and extends our debt maturities,
providing us with sufficient resources to fund all of our working
capital requirements and for general corporate purposes. Our
focus remains on generating improved EBITDA and free cash flow, and
we will look to pay down debt and improve our balance sheet,
consistent with our strategy over the past few years. We've
enjoyed a strong working relationship with our lenders and want to
thank the entire group for their continued support and belief in
our Company."
About VOXX International Corporation
VOXX International Corporation (NASDAQ: VOXX) formerly Audiovox
Corporation has grown into a worldwide leader in many automotive
and consumer electronics and accessories categories, as well as
premium high-end audio. Today, VOXX International is a global
company with an extensive distribution network that includes power
retailers, mass merchandisers, 12-volt specialists and most of the
world's leading automotive manufacturers. The Company continues to
drive innovation throughout all of its subsidiaries, and maintains
its commitment to exceeding the needs of the consumers it
serves.
Safe Harbor Statement
Except for historical information contained herein,
statements made in this release that would constitute
forward-looking statements may involve certain risks and
uncertainties. All forward-looking statements made in this release
are based on currently available information and the Company
assumes no responsibility to update any such forward-looking
statements. The following factors, among others, may cause actual
results to differ materially from the results suggested in the
forward-looking statements. The factors include, but are not
limited to risks that may result from changes in the Company's
business operations; our ability to keep pace with technological
advances; significant competition in the automotive, premium audio
and consumer accessories businesses; our relationships with key
suppliers and customers; quality and consumer acceptance of
newly introduced products; market volatility; non-availability of
product; excess inventory; price and product competition; new
product introductions; foreign currency fluctuations and concerns
regarding the European debt crisis; restrictive debt covenants; the
possibility that the review of our prior filings by the SEC may
result in changes to our financial statements; and the possibility
that stockholders or regulatory authorities may initiate
proceedings against VOXX International Corporation and/or our
officers and directors as a result of any restatements. Risk
factors associated with our business, including some of the facts
set forth herein, are detailed in the Company's Form 10-K for the
fiscal year ended February 29,
2016.
Company Contact:
Glenn Wiener, President
GW Communications
Tel: 212-786-6011
Email: gwiener@GWCco.com
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SOURCE VOXX International Corporation