Hyster-Yale Materials Handling, Inc., Hyster-Yale Nederland B.V., Hyster-Yale Uk Limited and Hyster-Yale, Inc. Enters into A Third Amended and Restated Loan

Published: 2025-06-26 08:21:03 ET HY

Published on 06/26/2025 at 08:21

Hyster-Yale Materials Handling, Inc., Hyster-Yale Nederland B.V., Hyster-Yale UK Limited and Hyster-Yale, Inc. entered into a Third Amended and Restated Loan, Security and Guaranty Agreement (the ?Credit Agreement?) with certain financial institutions as lenders, Bank of America, N.A., as administrative agent and security trustee, BOFA Securities, Inc. and Citibank, N.A. as joint lead arrangers and joint book managers and Citibank, N.A. as syndication agent for a $300.0 million revolving credit facility (the ?Facility?). The Facility consists of a domestic revolving credit facility in the initial amount of $210.0 million and a foreign revolving credit facility in the initial amount of $90.0 million. The Facility matures on June 24, 2030.

The Facility replaced the Company?s previous revolving credit facility, which was set to mature on June 24, 2026. The Facility can be increased to up to $400.0 million over the term of the Facility in minimum increments of $10.0 million, subject to approval by the lenders. The obligations under the Credit Agreement are generally secured by a first priority lien on working capital assets of the Company, which includes, but is not limited to, cash and cash equivalents, accounts receivable and inventory, and a second priority lien on the present and future shares of capital stock, fixtures and general intangibles consisting of intellectual property.

Borrowings under the Credit Agreement will bear interest at a floating rate, which can be a base rate, Term SOFR or EURIBOR, each as defined in the Credit Agreement, plus an applicable margin. The applicable margins are based on the total excess availability, as defined in the Credit Agreement, and range from 0.25% to 0.75% for U.S. base rate loans and 1.25% to 1.75% for Term SOFR, EURIBOR and foreign base rate loans. For the period prior to June 30, 2025, the applicable margins under the Credit Agreement are 0.50% for U.S. base rate loans and 1.50% for Term SOFR, EURIBOR and foreign base rate loans.

In addition, the Credit Agreement requires the payment of a fee of 0.25% per annum on the unused commitment based on the average daily outstanding balance during the preceding month.