Company: PLPC
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0000080035-25-000013
Chunk: 54

Company: PREFORMED LINE PRODUCTS CO
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 2
Chunk 54
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 to June 30, 2028. In addition, the amendment increased the amount of unsecured borrowings that the Company is permitted to incur outside of the Facility from $40.0 million to $60.0 million and included PLP Spain as an additional borrower.

Subsequently, on July 30, 2025, the Company amended the Facility to reduce the borrowing capacity from $90.0 million to $60.0 million as well as increase the indebtedness limit secured by mortgages, security interests or other liens permitted from $35.0 million to $55.0 million. There were no other material changes to the Facility. 

At June 30, 2025, our unused availability under the Facility was $79.6 million and our bank debt to equity percentage was 7.9%. The Facility contains, among other provisions, requirements for maintaining levels of net worth and profitability. At June 30, 2025, the Company was in compliance with these covenants.

Our Asia-Pacific segment had $0.1 million in restricted cash for the periods ended June 30, 2025 and December 31, 2024, respectively. The restricted cash was used to secure bank guarantees and is included in Cash, cash equivalents and restricted cash on the Consolidated Balance Sheets.

On January 19, 2021, the Company received funding for a term loan from PNC Equipment Finance, LLC in the principal amount of $20.5 million for the full amount of the purchase price for a new corporate aircraft. As of June 30, 2025, $11.6 million was outstanding on this debt facility, of which $2.1 million was classified as current. The aircraft has been pledged as collateral against the loan.

Subsequently, on July 16, 2025, PLP Poland (Belos) S.A. ("PLP Poland"), a subsidiary of the Company, entered into a non-revolving investment loan with Bank Polska Kasa Opieki Spolka Akcynja ("Bank Pekao S.A") to finance the construction of a new manufacturing plant for an amount up to PLN100.3 million ($27.4 million). The maturity date of the loan is January 31, 2035 and is payable in annual installments in the amounts of PLN5.3 million ($1.5 million) in 2026, PLN9.0 million ($2.5 million) in 2027, PLN