- Aggregate principal amount of up to C$1,175 million to fund corporate purposes
- Maintains favourable pricing and flexibility to support
Linamar's growth
- Four-year extension with substantially consistent terms
GUELPH,
ON, Nov. 22, 2022 /CNW/ -
Linamar Corporation (TSX: LNR) is pleased to
announce that it has renewed its principal bank credit facility for
a further four-year term ending in November
2026. The facility is a committed, revolving credit facility
(the "Revolving Facility") available to fund general corporate
purposes. The maximum principal amount of the Revolving Facility is
C$1,175 million. The Revolving
Facility is under terms and conditions largely consistent with but
overall more favourable than Linamar's previous credit facilities.
This Revolving Facility has been fully underwritten by commitments
of its syndicate of Canadian and International financial
institutions, led by Bank of Montreal, The Toronto-Dominion Bank, The Bank
of Nova Scotia, and National Bank
of Canada.
Linda Hasenfratz, Executive Chair
and CEO of Linamar, comments: "We are committed to driving
long-term shareholder value through our focused growth strategy.
This amended and restated credit facility provides the capacity,
pricing, and flexibility to support our growth and ongoing capital
requirements. The renewed commitment from our entire syndicate of
lenders is an endorsement of Linamar's growth strategy."
Additional details regarding the amended credit facility will be
included in Linamar's forthcoming annual information form.
Linamar Corporation (TSX: LNR) is an advanced manufacturing
company where the intersection of leading-edge technology and deep
manufacturing expertise is creating solutions that power vehicles,
motion, work and lives for the future. The Company is made up of
two operating segments – the Industrial segment and the Mobility
segment, both global leaders in manufacturing solutions and
world-class developers of highly engineered products. The
Industrial segment is comprised of Skyjack, MacDon and Salford. Skyjack manufactures scissor, boom
and telehandler lifts for the aerial work platform industry. MacDon
manufactures combine draper headers and self-propelled windrowers
for the agricultural harvesting industry. Salford also supplies the agriculture market
with farm tillage and crop fertilizer applicator equipment. The
Mobility segment is subdivided into three regional groups:
North America, Europe and Asia
Pacific. Within the Mobility segment, the regional groups
are vertically integrated operations combining expertise in light
metal casting, forging, machining and assembly for both the global
electrified and traditionally powered vehicle markets. The Mobility
segment products are focused on both components and systems for new
energy powertrains, body and chassis, driveline, engine and
transmission systems of these vehicles. In addition to the recently
formed eLIN Product Solutions Group that focuses on
Electrification, McLaren Engineering provides design, development,
and testing services for the Mobility segment. Linamar's recently
announced medical solutions group, Linamar MedTech, focuses on
manufacturing solutions for Medical Devices and Precision Medical
Components. Linamar has 27,140 employees in 65 manufacturing
locations, 14 R&D centres and 28 sales offices in 17 countries
in North and South America,
Europe and Asia, which generated sales of $6.5 billion in 2021. For more information about
Linamar Corporation and its industry-leading products and services,
visit www.linamar.com or follow us on our social media
channels.
Forward Looking Information, Risk and Uncertainties
Certain information provided by Linamar in this
press release, MD&A, the consolidated financial statements, and
other documents published throughout the year which are not
recitation of historical facts may constitute forward-looking
statements. The words "may", "would", "could", "will", "likely",
"estimate", "believe", "expect", "plan", "forecast" and similar
expressions are intended to identify forward looking statements.
Readers are cautioned that such statements are only predictions,
and the actual events or results may differ materially. In
evaluating such forward-looking statements, readers should
specifically consider the various factors that could cause actual
events or results to differ materially from those indicated by such
forward-looking statements.
Such forward-looking information may involve important risks and
uncertainties that could materially alter results in the future
from those expressed or implied in any forward-looking statements
made by, or on behalf of, Linamar. Some of the factors and risks
and uncertainties that cause results to differ from current
expectations include, but are not limited to, changes in the
competitive environment in which Linamar operates,
OEM outsourcing and insourcing; sources and
availability of raw materials; labour markets and dependence on key
personnel; dependence on certain customers and product programs;
technological change in the sectors in which the Company operates
and by Linamar's competitors; delays in or operational issues with
product launches; foreign currency risk; long-term contracts that
are not guaranteed; acquisition and expansion risk; foreign
business risk; cyclicality and seasonality; capital and liquidity
risk; legal proceedings and insurance coverage; credit risk;
emission standards; tax laws; securities
laws compliance and corporate
governance standards; fluctuations in
interest rates; environmental emissions and safety
regulations; trade and labour disruptions; world political events;
pricing concessions to customers; and governmental, environmental
and regulatory policies.
The foregoing is not an exhaustive list of the factors that may affect Linamar's
forwarding looking statements. These and other factors should be
considered carefully, and readers should not place undue reliance
on Linamar's forward-looking statements. Linamar assumes no
obligation to update the forward-looking statements, or to update
the reasons why actual results could differ from those reflected in
the forward-looking statements.
SOURCE Linamar Corporation
