Kongsberg Automotive Renegotiated Terms for its Revolving Credit Facility
Kongsberg Automotive (the “Company”) has renegotiated certain terms of its Euro 70 million revolving credit facility (“RCF”) with its banks, Danske Bank and J P Morgan. Under this relief agreement (“Relief Agreement”), the Company can utilize 80% of its RCF line without being subject to the NIBD/EBITDA covenant testing. The utilization rate under the original RCF agreement before covenant testing was 40%. The Relief Agreement is effective until the end of the first quarter 2021 calls for certain additional covenants and reporting requirements. The agreement is subject to approval by the