Skyjack’s Parent Exercises $100 Million Accordion Feature of Credit Facility
Linamar Corp., parent company of Skyjack, announced last week that is has exercised the $100 million accordion feature from the $600 million credit facility that was renewed in March 2011. The exercise of this feature increases the credit facility size to $700 million and does not impact any other terms or conditions within the credit facility including the term or covenant requirements of the agreement.
Linda Hasenfratz, Linamar’s CEO, said: “We are pleased with the strong support of our bank group to increase the credit facility to $700 million. We believe that increased facility shows the strength of Linamar’s financial position and our reputation as a solid, reliable company with a good track record and great growth potential.”
The company recently reported in its fiscal fourth quarter 2011 financial statement that sales were $718 million, an increase of $124.3 million from Q4 2010. Sales for the industrial segment, which includes Skyjack, increased 104 percent from Q4 2010, up from $36.2 million to $71 million. The sales increase was primarily due to significant increases in demand in the access equipment markets resulting from fleet replacement initiatives; increases in demand in the agricultural equipment markets serviced by the European Fabrication Division; and increases due to the energy programs that were awarded and now have started to launch.