Company: CPS
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001320461-25-000131
Chunk: 89

Company: Cooper-Standard Holdings Inc.
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 8
Chunk 89
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 commitments that had not been previously extended was extended from the Existing Termination Date to May 6, 2029, with the aggregate revolving loan commitment remaining at $180,000. The aggregate revolving loan availability includes a $100,000 letter of credit sub-facility and a $25,000 swing line sub-facility. The ABL Facility also provides for an uncommitted $100,000 incremental loan facility, for a potential total ABL Facility of $280,000 (if requested by the Borrowers and the lenders agree to fund such increase). No consent of any lender (other than those participating in the increase) is required to effect any such increase, subject to receiving any required consents under the Company’s other debt documents which contain restrictions on incremental debt. The Company’s borrowing base as of June 30, 2025 was $158,043 and the monthly fixed charge coverage ratio was at a level that provided the Company full access to the borrowing base. Net of $6,816 of outstanding letters of credit, the Company effectively had $151,227 available for borrowing under its ABL Facility as of June 30, 2025.As of June 30, 2025 and December 31, 2024, there were no borrowings under the ABL Facility.As of June 30, 2025 and December 31, 2024, the Company had $1,260 and $1,680, respectively, of unamortized debt issuance costs related to the ABL Facility recorded in other long-term assets in the condensed consolidated balance sheets.Debt CovenantsThe Company was in compliance with all applicable covenants of the First Lien Notes, Third Lien Notes, 2026 Senior Notes, and ABL Facility as of June 30, 2025. Other FinancingFinance leases and other. Other borrowings as of June 30, 2025 and December 31, 2024 reflect finance leases and other borrowings under local bank lines classified in debt payable within one year in the condensed consolidated balance sheets.Receivables factoring. As a part of its working capital management, the Company sells certain receivables through a single third-party financial institution (the “Factor”) in a pan-European program. The amount sold varies each month based on the amount of underlying receivables and cash flow needs of the Company. These are permitted transactions under the Company’s credit agreements governing the ABL Facility and the indentures governing the First Lien Notes,