Power solutions international announces extension to credit agreement

Wood dale, ill., march 28, 2022 (globe newswire) -- power solutions international, inc. (“psi” or “the company”) (otc pink: psix), a leader in the design, engineering and manufacture of emission-certified engines and power systems, announced that it entered into an amended $130.0 million uncommitted senior secured revolving credit agreement (the “second amended and restated credit agreement”) with standard chartered bank as administrative agent (“standard chartered”), and the lenders party thereto from time to time. the second amended and restated credit agreement, which is fully drawn as of this date, extends the maturity date of loans outstanding under the company's previous credit facility to the earlier of march 24, 2023 or the demand of standard chartered. as part of the amendment, standard chartered agreed to waive any existing event of default under the existing credit agreement, resulting from the breach of the financial covenants for the quarter ended december 31, 2021. no additional fee was incurred with this waiver.
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