Cvg announces the successful refinancing of its senior notes, lowering its interest cost and enhancing its financial flexibility

New albany, ohio, may 03, 2021 (globe newswire) -- cvg (nasdaq: cvgi) ("cvg" or the "company") today announced that on april 30, 2021 it had closed on $275 million in senior secured credit facilities, consisting of a $150 million term loan a (the "term loan a") and a $125 million revolving credit facility (the "revolver" and together with the term loan a the "senior secured credit facilities"). the company used a portion of the proceeds of the senior secured credit facilities to pay off its existing term loan b and asset backed loan facility which at april 30, 2021 had outstanding principal of $151.6 million and $11.3 million respectively. cvg expects to reduce its interest expense by approximately $3.1 million on a full quarter basis as a result of this transaction.
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