Latest news with #creditfacilities
Zawya
21-07-2025
- Business
- Zawya
Saudi Solutions renews $400mln Islamic financing facility with SNB
Arabian Internet and Communications Services Company (solutions) has renewed its Islamic Shariah-complaint credit facilities agreement for a total of 1.5 billion riyals ($400 million) with Saudi National Bank (SNB). The renewed agreement includes: Short-term banking facilities amounting to SAR 1 billion, with a one-year tenor, designated for issuing letters of credit (LC) and letters of guarantee (LG), and to support the company's working capital needs. Medium-term financing of SAR 500 million, with a five-year maturity originally utilised on June 27, 2022, to fund the strategic acquisition of Giza Systems Company. The facilities are secured by a promissory note, a filing on Riyadh bourse showed on Monday. (Writing by Brinda Darasha; editing by Daniel Luiz)
Zawya
21-07-2025
- Business
- Zawya
Network International enters into strategic partnership with Wio Bank to endorse SME merchants
UAE – Network International has signed a strategic partnership with Wio Bank to offer digital lending solutions for SME merchants in the UAE, according to a press release. As a part of this collaboration, the lending products of the bank will be integrated into Network's platform, an innovative digital merchant lending marketplace designed to simplify and accelerate access to credit for SMEs. The partnership aims to empower SME business owners with faster, more efficient access to credit facilities through an end-to-end digital journey. Eligible merchants can apply for financing online, receive personalized loan offers from Wio Bank based on real-time transaction data from Network and complete the entire process, from loan application to loan disbursement, through a single platform. Group CEO of Network, Murat Cagri Suzer, said: 'At Network International, our focus is on building innovative solutions for our customers. In line with this vision, we have established partnerships with leading banks across the UAE to support the growth of SMEs.' Suzer noted: 'Small businesses transacting through Network International's payment platforms will have easier access to loans through our partnership with Wio Bank. Hence, we're excited to welcome Wio Bank to our platform as a digital lender, offering a lending experience as easy as one-click loans.' From his part, Jayesh Patel, the CEO of Wio Bank, said: 'Our partnership with Network International simplifies access to credit and financial management for SMEs. Our goal is to foster business growth and drive entrepreneurship across the UAE by enabling a stronger ecosystem where businesses can scale with confidence and succeed.' It is worth highlighting that the region-focused Network International and Magnati received key regulatory approvals for a merger process that is projected to close in the third quarter (Q3) of 2025.
Yahoo
01-07-2025
- Business
- Yahoo
CVG Announces Successful Completion of Debt Refinancing Transactions
Refinancing extends maturity to 2030 and increases flexibility NEW ALBANY, OHIO, June 30, 2025 (GLOBE NEWSWIRE) -- Commercial Vehicle Group (together with its subsidiaries, the 'Company' or 'CVG') (NASDAQ: CVGI), a diversified industrial products and services company, today announced that on June 27, 2025 it had closed on $210 million in senior secured credit facilities, consisting of (i) a $95 million senior secured term loan facility (the 'Term Loan') with TCW Asset Management Company LLC (together with certain of its affiliates, the 'TCW Group'), as agent, and (ii) a $115 million senior secured asset-based revolving credit facility (the 'ABL Facility' and together with the Term Loan, the 'Senior Secured Credit Facilities') with Bank of America, N.A., as agent. The ABL Facility amended and restated the Company's existing senior secured revolving credit facility with Bank of America, N.A., as agent (the 'Existing Facility'), and a portion of the proceeds of the Senior Secured Credit Facilities was used to refinance outstanding obligations under the Existing Facility in an aggregate principal amount of $120,100,000. Andy Cheung, Chief Financial Officer, said, 'We are pleased to announce the successful refinancing of our debt facilities maturing in 2027, which marks an important milestone as we continue to advance our strategic operational initiatives. The new facilities provide a long runway of funding certainty and increased financial flexibility as we look to drive further cost reductions, margin improvement, and overall operational efficiency. Moving forward, we remain committed to deleveraging the balance sheet through free cash generation and disciplined debt paydown.' Term Loan of $95 million Obligations under the Term Loan will mature on June 27, 2030. The Term Loan will have tiered interest costs based on the consolidated total leverage ratio ranging from SOFR plus 8.75% with a leverage ratio < 3.50x to SOFR plus 10.75% with a leverage ratio > 6.25x. The SOFR floor is 2.00%. The initial interest rate payable under the Term Loan is SOFR plus 9.75%. Until June 28, 2028, voluntary prepayments of the Term Loan are subject to a premium, calculated as a percentage of the obligations so prepaid under the Term Loan, equal to (x) from June 27, 2025 until June 27, 2027, 4.00%, (y) from June 28, 2026 until June 27, 2028, 2.00% and (z) thereafter, none. The Term Loan is also subject to an excess cash flow sweep and certain other customary mandatory prepayment requirements. The Term Loan will be subject to certain financial covenants: a consolidated total leverage ratio covenant, tested quarterly, which will be initially set at 7.25x, with step-downs to 6.50x at December 31, 2025, 6.00x at March 31, 2026, 5.25x at June 30, 2026, and additional quarterly 0.25x step-downs until a ratio of 4.00x applicable from and after September 30, 2027. a maximum consolidated capital expenditure covenant, capped at $20 million in any fiscal year, and a sublimit of $10 million for foreign capital expenditures. a 30-day rolling minimum average liquidity requirement of $15 million. ABL Facility of $115 million Obligations under the ABL Facility will mature on June 27, 2030, springing to the date that is 91 days prior to the maturity of the Term Loan. The initial principal amount of the ABL Facility is $115 million, subject to availability under a borrowing base based on the Company's US and UK inventory and receivables. The ABL Facility comprises of a US subfacility in an initial principal amount of $100 million (the 'US Subfacility') and a UK subfacility in an initial principal amount of $15 million (the 'UK Subfacility'), in each case subject to availability under their respective borrowing bases. The US Subfacility further has a FILO tranche in a principal amount of $12.5 million, subject to availability under its borrowing base. The ABL Facility will be available in US Dollars, Pounds Sterling and Euros, and borrowings will accrue interest at SOFR, SONIA or EURIBOR, with margins based on average daily availability ranging from 1.50% if average daily availability > $50 million to 2.00% if average daily availability < $30 million. The FILO tranche will accrue interest at a 1% higher rate. The Company is also required to pay an unused line fee of 0.25% on any unutilized commitments under the ABL Facility. The Company will be required to comply with a maximum fixed charge coverage ratio of 1.00x, tested quarterly, during any trigger period. Such period shall be triggered upon availability dropping below the greater of 10% of the line cap and $10 million, and such period shall end upon availability exceeding this threshold for 30 consecutive days. Warrants In connection with the financing, TCW Group affiliates received five-year warrants for the purchase of up to 3,934,776 shares of the company's common stock, issued in two equal tranches. The tranches have an exercise price of $1.58 and $2.07, respectively. Until the fourth anniversary after issuance, the Company has the right to repurchase up to 50% of each tranche of warrants at a price equal to $1.40 or $1.00, respectively, above the applicable exercise price. Upon a refinancing of the new credit agreement, the holders can require the Company to repurchase up to 50% of each tranche at a price equal to the stock price of the common stock at the time of repurchase less the exercise price. The warrants contain customary anti-dilution adjustments. The Company has provided the holders with certain information and registration rights, including agreeing to file a registration statement within 45 days to register the resale of the shares underlying the warrants. The Company will file a Current Report on Form 8-K with the United States Securities Exchange Commission that will contain further details regarding the terms of the of the transactions. Company ContactAndy CheungChief Financial OfficerCVGIR@ Investor Relations ContactRoss Collins or Stephen PoeAlpha IR GroupCVGI@ About CVG CVG is a global provider of systems, assemblies and components to the global commercial vehicle market and the electric vehicle market. We deliver real solutions to complex design, engineering and manufacturing problems while creating positive change for our customers, industries and communities we serve. Information about the Company and its products is available on the internet at Forward-Looking Statements This press release contains forward-looking statements that are subject to risks and uncertainties. These statements often include words such as 'believe', 'anticipate', 'plan', 'expect', 'intend', 'will', 'should', 'could', 'would', 'project', 'continue', 'likely', and similar expressions. In particular, this press release may contain forward-looking statements about the Company's expectations for future periods with respect to its plans to improve financial results, the future of the Company's end markets, changes in the Class 8 and Class 5-7 North America truck build rates, performance of the global construction and agricultural equipment business, the Company's prospects in the wire harness, and electric vehicle markets, the Company's initiatives to address customer needs, organic growth, the Company's strategic plans and plans to focus on certain segments, competition faced by the Company, volatility in and disruption to the global economic environment and the Company's financial position or other financial information. These statements are based on certain assumptions that the Company has made in light of its experience as well as its perspective on historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. Actual results may differ materially from the anticipated results because of certain risks and uncertainties, including those included in the Company's filings with the SEC. There can be no assurance that statements made in this press release relating to future events will be achieved. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on behalf of the Company are expressly qualified in their entirety by such cautionary in to access your portfolio
Zawya
30-06-2025
- Business
- Zawya
Kuwait's Heisco signs $186mln credit facility with local banks
Kuwait's Heavy Engineering Industries & Shipbuilding Co. (Heisco) has signed a credit facilities agreement with a local bank for up to 57 million dinars ($186 million) to finance its business. The terms of the deal were not disclosed. (Writing by Brinda Darasha; editing by Daniel Luiz)
Zawya
23-06-2025
- Business
- Zawya
Qatar's banking credit facilities see 3% rise in Q1
Doha, Qatar: The banking credit facilities in Qatar bounced back and showed the biggest quarter-on-quarter (q-o-q) growth in nine quarters during the first quarter (Q1) of 2025 at 3%. The increase was led by a strong growth in lending to public sector at 7.9% followed by a similar increase in lending to contractors. Lending to general trade and real estate increased by 1.5% followed by 0.8% increase in lending to services according to Kamco Invest. Additionally, banks in Qatar registered the biggest increase in revenues with a q-o-q gain of 2.1% among the Gulf Cooperation Council (GCC) countries. After registering a healthy growth in revenues during the previous quarter, the sequential growth in total bank revenues for the GCC banking sector was flattish with a marginal growth of 0.04%, reaching $34.6bn during Q1-2025. The report noted that the Qatari banks witnessed growth in revenues with an increase of 2.1% followed by Saudi and UAE-listed banks with growth of 1.6% and 0.6%, respectively. The data from GCC central banks highlighted the resilience of regional economies with continued growth in outstanding credit facilities. Total credit facilities, as seen from central bank published data, continued to show growth during Q1-2025 led by growth in all countries in the region. The GCC banking sector bottom-line growth remained steady during Q1-2025 witnessing a q-o-q growth of 7.1% and a y-o-y growth of 8.6% to reach $15.6bn during the quarter, a new record high for the sector. The increase came despite a decline in net interest income during the quarter and was mainly led by higher non-interest income, lower operating expenses as well as a sharp seasonal decline in impairments during the quarter. The decline in net interest income reflected the impact of rate cuts during the second half of 2024 with aggregate yield on credit for the GCC banking sector falling by 5 bps to 4.16% in Q1-2025 as compared to 4.21% in Q4-2024. Meanwhile the aggregate lending by listed banks in the GCC continued to show q-o-q growth during Q1-2025, backed by growth in all GCC markets. The aggregate gross loans at the GCC level reached a new record high of $2.25 trillion, recording the highest q-o-q growth in 15 quarters at 3.6% in Q1-2025 versus 2.4% during the previous quarter. The year-on-year (y-o-y) growth continued to remain steady in double digits at 12.5%. Banks in Saudi Arabia reported the biggest q-o-q growth in gross loan in the GCC during Q1-2025 mainly led by healthy lending in almost all sectors. Gross loans growth for Saudi-listed banks came in at 5.5% or $41.9bn to reach $801.5bn during Q1-2025. UAE and Qatari banks were next with lending growth of $20.1bn (+3.2% q-o-q) and $14.4bn (+3.6% q-o-q), respectively, while banks in Oman and Bahrain registered marginal increase. In terms of type of banks, conventional banks in the GCC registered a relatively healthy growth in lending during the quarter with gross loan growth of 4.2% to reach $1.6 trillion while growth in Islamic bank lending came in at 2.4% to reach an outstanding gross loan of $677.9bn at the end of the quarter. © Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. (
