Power Solutions Announces Extension to $50M Shareholder Loan Agreement with Weichai America

Source: www.gulfoilandgas.com 12/2/2022, Location: North America

Power Solutions International, Inc., a leader in the design, engineering and manufacture of emission-certified engines and power systems, announced that it amended and restated its $50 million shareholder’s loan agreement with its majority stockholder, Weichai America Corp. (“Weichai”), dated as of November 29, 2022 (the “Third Shareholder’s Loan Agreement”), to extend the loan maturity date to November 30, 2023. The $50 million loan under the Third Shareholder’s Loan Agreement has been fully drawn as of the date of this report and is subordinated in all respects to the Company’s existing $130 million senior secured revolving credit facility with Standard Chartered Bank (all of which has been fully borrowed as of December 2, 2022).

Borrowings under the Third Shareholder’s Loan Agreement will incur interest at the applicable Secured Overnight Financing Rate (“SOFR”), plus 4.65% per annum. Further, if the applicable term SOFR is negative, the interest rate per annum shall be deemed as 4.65% per annum. If the interest rate for any loan under the Third Shareholder’s Loan Agreement is lower than Weichai’s borrowing cost, the interest rate for such loan shall be equal to Weichai’s borrowing cost plus 1%.

Dino Xykis, chief executive officer, commented, “We are appreciative of Weichai’s support of PSI and look forward to our continued collaboration together.”

Additional details on the Third Shareholder’s Loan Agreement can be found in the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on December 2, 2022.


Bermuda >>  2/3/2023 - Borr Drilling Limited advises that the Company will hold a Special General Meeting on February 23, 2023 to approve an increase in the Company’s author...
Mongolia >>  2/3/2023 - Petro Matad Limited, the AIM quoted Mongolian oil company, is pleased to announce that following the accelerated bookbuild which was announced on 2 Fe...

Cyprus >>  2/2/2023 - Castor Maritime Inc., a diversified global shipping company, announced that, in relation to the previously announced spin-off of its wholly owned subs...
Finland >>  2/2/2023 - The Board of Directors of Cargotec Corporation has resolved to establish a new share-based incentive programme directed to the key employees of Cargot...

Georgia >>  2/2/2023 - Block Energy plc, the production and development company focused on Georgia, is pleased to announce it has closed a senior secured loan facility ("Loa...
Norway >>  2/2/2023 - In line with the dividend policy, the Board of Directors has resolved to propose to the Annual General Meeting of Scatec ASA, that a dividend of NOK 1...




Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.