Thursday, July 03, 2025
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Refi. Commercial Vehicle Group successfully refinanced its debt, extending the maturity out to 2030 from 2027. We believe this should provide the Company with additional financial flexibility as management continues to drive further operational efficiency.
Details. The Company went from an $85 million term loan to a $95 million term loan and from a $125 million ABL to a $115 million ABL. Proceeds were used to repay $120.1 million outstanding under the previous facility. The initial interest rate on the term loan is 9.75%, although future rates will have a tiered interest cost based on the consolidated leverage ratio. The initial ABL rate is SOFR plus 1.75%.
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