Company: PLPC
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001628280-25-021769
Chunk: 7

Company: PREFORMED LINE PRODUCTS CO
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 2
Chunk 7
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 initiatives. During the first three months of 2025, we used cash of $11.0 million for capital expenditures. We ended the first three months of 2025 with $54.8 million of cash, cash equivalents and restricted cash (collectively, “Cash”). Our Cash is held in various locations throughout the world. At March 31, 2025, the majority of our Cash was held outside the U.S. We expect most accumulated non-U.S. Cash balances will remain outside of the U.S. and that we will meet U.S. liquidity needs through future operating cash flows, use of U.S. Cash balances, external borrowings, or some combination of these sources. We complete comprehensive reviews of our significant customers and their creditworthiness by analyzing financial statements for customers where we have identified a measure of increased risk. We closely monitor payments and developments which may signal possible customer credit issues. We currently have not identified any potential material impact on our liquidity from customer credit issues.

Total debt, including notes payable, at March 31, 2025 was $34.9 million. The Company maintains a credit facility (the "Facility") with a capacity of  $90.0 million. On March 14, 2025, the 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 APRESA – PLP Spain, S.A. as an additional borrower

At March 31, 2025, our unused availability under the Facility was $82.5 million and our bank debt to equity percentage was 8.0%. The Facility contains, among other provisions, requirements for maintaining levels of net worth and profitability. At March 31, 2025, the Company was in compliance with these covenants.

Our Asia-Pacific segment had $0.1 million in restricted cash for the periods ended March 31, 2025 and December 31, 2024, respectively. The restricted cash was used to secure bank guarantees and is included in Cash, cash equivalents and restricted cash on the Consolidated Balance Sheets.

On 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