ANN ARBOR, Mich., Dec. 17,
2013 /PRNewswire/ -- Tecumseh Products Company (Nasdaq:
TECUA/TECUB), a leading global manufacturer of compressors and
related products, announced today that it, along with certain of
its subsidiaries, has entered into an amendment to its credit
facility with PNC Bank, dated as of December
11, 2013, which (i) adds a term loan facility of up to
$15,000,000, subject to collateral
appraisals and margin value and other closing conditions, (ii)
extends the facility to December 11, 2018, (iii) reduces the
revolving facility from $45,000,000 to
$34,000,000.
"Our previous outstanding revolving credit facility with PNC was
maturing in early 2015. With the current low interest rates,
we felt now was the correct time to renegotiate and add a term loan
facility to our capital structure to lock in liquidity for the
medium term," said Janice Stipp,
Executive Vice President, CFO and Treasurer. "We are very
pleased to continue our relationship with PNC."
Additional details on the Agreement can be found in our Form
8-K, filed on December 17, 2013.
Tecumseh Products Company is a global manufacturer of
hermetically sealed compressors for residential and specialty air
conditioning, household refrigerators and freezers, and commercial
refrigeration applications, including air conditioning and
refrigeration compressors, as well as condensing units, heat pumps
and complete refrigeration systems. Press releases and other
investor information can be accessed via the Investor Relations
section of Tecumseh Products Company's Website at
www.tecumseh.com.
Contact:
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Janice
Stipp
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Tecumseh
Products
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734-585-9507
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Investor.relations@tecumseh.com
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SOURCE Tecumseh Products Company