Company: PLPC
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0000080035-25-000022
Chunk: 15

Company: PREFORMED LINE PRODUCTS CO
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 1
Chunk 15
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 Company amended the Facility to extend the maturity date from March 2, 2026 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. 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 permitted indebtedness limit secured by mortgages, security interests or other liens from $35.0 million to $55.0 million. There were no other material changes to the Facility. The interest rate for U.S. borrowing is defined as the Secured Overnight Financing Rate (“SOFR”) plus 1.225% unless the Company’s funded debt to Earnings before Interest, Taxes and Depreciation ratio exceeds 3.00 to 1, at which point the SOFR spread becomes 1.600%. At September 30, 2025, the Company had utilized $7.9 million with $52.1 million available on the Facility. There were no long-term outstanding letters of credit on the Facility as of September 30, 2025. Our bank debt to equity percentage was 8.3%. The Facility contains, among other provisions, requirements for maintaining levels of net worth and profitability. At September 30, 2025, the Company was in compliance with these covenants.Corporate Aircraft Term LoanOn 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. The term of the loan is 120 months at a fixed interest rate of 2.744%. The loan is payable in 119 equal monthly installments, which commenced on March 1, 2021 with a final payment of any outstanding principal and accrued interest due and payable on the final monthly payment date. Of the $11.1 million outstanding on this debt facility at September 30, 2025, $2.1 million was classified as current. The aircraft has been pledged as collateral against the loan.International Borrowing FacilitiesThe Company has other borrowing facilities at certain of its foreign subsidiaries, which consist of overdraft lines, working capital credit lines, and facilities for the issuance of letters of credit and short-term