Company: CVGI
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001628280-25-022764
Chunk: 8

Company: Commercial Vehicle Group, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 1
Chunk 8
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, we had $32.4 million of borrowings under the Revolving Credit Facility, outstanding letters of credit of $1.1 million and availability of $91.5 million. Combined with availability under our China Credit Facility (described below) of approximately $11.0 million, total consolidated availability was $102.5 million at March 31, 2025. The unamortized deferred financing fees associated with the Revolving Credit Facility of $0.7 million and $0.8 million as of March 31, 2025 and December 31, 2024, respectively, are being amortized over the remaining life of the Credit Agreement. At December 31, 2024, we had $50.5 million borrowings under the Revolving Credit Facility and we had outstanding letters of credit of $1.1 million.Covenants and other termsThe Credit Agreement includes (a) a minimum consolidated fixed charge coverage ratio of 1.20:1.0, and (b) a maximum consolidated total leverage ratio of 4.25:1.0 (which is subject to step-downs to 3.75:1.0 at the end of the fiscal quarter ending September 30, 2025; to 3.00:1.0 for each fiscal quarter thereafter).We were in compliance with these covenants as of March 31, 2025. Repayment and prepaymentThe Credit Agreement requires the Company to make quarterly amortization payments to the Term Loan Facility at an annualized rate of the loans under the Term Loan Facility for every year as follows: 5.0%, 7.5%, 10.0%, 12.5% and 15.0%. The Credit Agreement also requires all outstanding amounts under the Credit Facilities to be repaid in full on the Maturity Date. The Credit Agreement requires mandatory prepayments from the receipt of proceeds of dispositions or debt issuance, subject to certain exceptions and the Company's ability to re-invest and use proceeds towards acquisitions permitted by the Credit Agreement.Voluntary prepayments of amounts outstanding under the Credit Facilities are permitted at any time, without premium or penalty. See Note 15, Commitments and Contingencies, for the future minimum principal payments due on long-term debt for the next five years.Foreign Facility During the quarter ended March 31, 2023, we established a credit facility in China consisting of a line of credit which is subject to annual renewal (the