Company: CPS
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001320461-25-000156
Chunk: 36

Company: Cooper-Standard Holdings Inc.
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 1
Chunk 36
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 on incremental debt. The Company’s borrowing base as of September 30, 2025 was $173,236 and the monthly fixed charge coverage ratio was at a level that provided the Company full access to the borrowing base. Net of $7,340 of outstanding letters of credit, the Company effectively had $165,896 available for borrowing under its ABL Facility as of September 30, 2025.As of September 30, 2025 and December 31, 2024, there were no borrowings under the ABL Facility.As of September 30, 2025 and December 31, 2024, the Company had $1,050 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 September 30, 2025. Other FinancingFinance leases and other. Other borrowings as of September 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, Third Lien Notes, and 2026 Secured Notes. The European factoring facility allows the Company to factor up to €75,000 of its Euro-denominated accounts receivable, accelerating access to cash and reducing credit risk. The factoring facility expires on December 31, 2026.

15

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)(Unaudited)(Dollar amounts in thousands except per share and share amounts)

Costs incurred on the sale of receivables are recorded in other expense, net in the condensed consolidated statements of operations. The sale of receivables under this contract is considered an off-balance sheet arrangement to the Company and is accounted for as a true sale and is