Company: THRM
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000950170-25-023344
Chunk: 213

Company: Gentherm Inc
Filing Date: 2025-02-19
Form: 10-K
Item: Item 7
Chunk 213
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.S. Revolving Note (U.S. Dollar denominations)

    5.86
    %
     
    $
    220,000

    6.58
    %
     
    $
    222,000

    Other loans

    —

    —

    3.90
    %

    233

    Finance leases

    3.46
    %

    201

    3.53
    %

    605

    Total debt

    220,201

    222,838

    Current maturities

    (137
    )

    (621
    )

    Long-term debt, less current maturities

    $
    220,064

    $
    222,217

Credit Agreement

Gentherm, together with certain of its subsidiaries, maintain a revolving credit note (“U.S. Revolving Note”) under its Second Amended and Restated Credit Agreement (the “Second Amended and Restated Credit Agreement”) with a consortium of lenders and Bank of America, N.A. as administrative agent. The Second Amended and Restated Credit Agreement was entered into on June 10, 2022 and amends and restates in its entirety the Amended and Restated Credit Agreement dated June 27, 2019, by and among Gentherm, certain of its direct and indirect subsidiaries, the lenders party thereto and the Agent. The Second Amended and Restated Credit Agreement has a maximum borrowing capacity of $500 million and matures on June 10, 2027. The Second Amended and Restated Credit Agreement contains covenants, that, among other things, (i) prohibit or limit the ability of the borrowers and any material subsidiary to incur additional indebtedness, create liens, pay dividends, make certain types of investments (including acquisitions), enter into certain types of transactions with affiliates, prepay other indebtedness, sell assets or enter into certain other transactions outside the ordinary course of business, and (ii) require that Gentherm maintain a minimum Consolidated Interest Coverage Ratio and a maximum Consolidated Net Leverage Ratio (based on consolidated EBITDA for the applicable trailing four fiscal quarters) as of the end of any fiscal quarter.

Finance Leases

As of December 31, 2024 and 2023, there was $0.2 million and $0.6 million of outstanding finance leases, respectively. 

 45

Other Sources of Liquidity 

Receivable