Company: ASTE
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000792987-25-000013
Chunk: 265

Company: ASTEC INDUSTRIES INC
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1
Chunk 265
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, if certain change of control events occur with respect to the Company, the Company is required to repay the loans outstanding under the Credit Facilities.The Company's Brazilian subsidiary maintained a separate term loan for working capital purposes with a bank in Brazil, which was secured by its manufacturing facility. This term loan was fully repaid at maturity on April 15, 2024 and bore interest at 10.37%. The current maturities related to this term loan were $0.1 million as of December 31, 2023.

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Certain of the Company's international subsidiaries in Australia, Brazil, Canada, South Africa and the United Kingdom each have separate credit facilities with local financial institutions primarily to finance short-term working capital needs, as well as to cover foreign exchange contracts, performance letters of credit, advance payment and retention guarantees. In addition, the Brazilian subsidiary also enters into order anticipation agreements on a periodic basis. Both the outstanding borrowings under the credit facilities of the international subsidiaries and the order anticipation agreements are recorded in "Short-term debt" in the Company's Consolidated Balance Sheets. Each of the credit facilities are generally guaranteed by Astec Industries, Inc. and/or secured with certain assets of the local subsidiary.Additional details for the Company's Credit Facilities and international credit facilities are summarized in total below:(in millions, except maturity dates and interest rates)December 31, 2024December 31, 2023Credit FacilitiesLine of credit - maximum$250.0 $250.0 Letters of credit - maximum30.0 30.0 Borrowings outstanding105.0 72.0 Amount of letters of credit outstanding5.2 3.3 Line of credit, additional borrowing capacity139.8 174.7 International credit facilities and short-term debtTotal credit line$23.4 $21.7 Available credit line9.5 9.9 Letters of credit - maximum12.7 9.7 Amount of letters of credit outstanding2.9 2.7 Short-term debt13.3 11.0 Weighted average interest rate9.02%11.35%Debt maturities for the Company's long-term debt are expected to be as follows:(in millions)Maturity Amounts2025$—2026—2027105.0

12. Product Warranty Reserves

The Company warrants its products against manufacturing defects and performance to specified standards. The warranty period and performance standards vary by