| Shiloh Industries, Inc. announced the completion of the Fourth Amendment Agreement of the Company's Credit and Security Agreement with a syndication of lenders led by PNC Bank National Association, successor to National City Bank, as co-lead arranger, sole book runner and administrative agent, and The Privatebank and Trust Company, as co-lead arranger and syndication agent. The Fourth Amendment provides the Company with a currently available revolving line of credit of $80M subject to a borrowing formula requirement. The line of credit matures in July 2012. The Fourth Amendment addresses financial covenant issues that the Company was facing as a result of the current business conditions affecting the automotive industry in North America. Specifically, the Fourth Amendment waives compliance with certain financial covenants for the period from July 31, 2009 to October 31, 2009. :theflyonthewall.com |
