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Tuesday, September 08, 2009 8:38:27 PM
Tuesday , September 08, 2009 18:11ET
TROY, Mich., Sept. 8 /PRNewswire-FirstCall/ -- ArvinMeritor, Inc. (NYSE: ARM) today announced that the company has entered into a new, two-year U.S. receivables financing arrangement (the "New Facility"). Under the terms of the New Facility, ArvinMeritor's subsidiary, ArvinMeritor Receivables Corporation ("ARC"), will purchase eligible accounts receivable from certain other ArvinMeritor subsidiaries (the "Originators") and will borrow under a credit facility funded by multiple lenders. ARC's borrowings will be secured by an interest in the purchased receivables, and ARC will use the proceeds of the borrowings to fund purchases of receivables from the Originators. The purchased receivables under the New Facility are expected to be substantially similar to those under the facility it replaces.
Under the New Facility, ARC will be able to borrow monies from a bank group led by GMAC Commercial Finance LLC in an aggregate principal amount outstanding at any one time of not to exceed $105 million. This amount may be increased at the request of ARC and with the consent of the Agent to $125 million upon the identification of lenders that may be willing to provide such additional funding. As of the closing date, the borrowing availability under the New Facility is expected to exceed the availability under the facility it replaces.
"The new facility demonstrates ArvinMeritor's continued focus on our liquidity," said Chip McClure, chairman, CEO and president. "We appreciate the support of the New Facility lenders, and look forward to continuing to implement our strategic initiatives that are designed to drive growth."
The company filed today a Form 8-K with the Securities and Exchange Commission that further describes the New Facility. To review the company's filing, visit www.sec.gov.
------8-K ~ http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=6506627
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