TRW Improves Primary Credit Facility
Company sought the amendment in response to the present industry conditions
TRW Automotive Holdings (TRW), an automotive safety systems maker, has reached a new agreement with its lenders of its senior secured credit agreement.
The new deal with its lenders on its $2.5 billion credit agreement, includes revised financial covenant ratios beginning in the second quarter of 2009 and continuing through the third quarter of 2011.
TRW sought the amendment in response to the present industry conditions, including the unprecedented decline in global vehicle production, the company said.
In May, the company reported a first-quarter loss of $131 million, as sales decreased 42% on production cuts at its automaker customers. The quarter was adversely impacted by lower sales in all geographic regions, resulting from sharply reduced vehicle production volumes.
Headquartered in Livonia, Michigan, TRW Automotive, through its subsidiaries, operates in 26 countries. TRW products include integrated vehicle control and driver assist systems, braking systems, steering systems, suspension systems, occupant safety systems, electronics, engine components, fastening systems and aftermarket replacement parts and services.
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