Commercial Vehicle Group, Inc. (the “Company”) (Nasdaq: CVGI) announced today the Company elected to call for the partial redemption of $15 million of its $250 million outstanding 7.875% Senior Secured Notes due 2019 (the “Notes”) and a notice of redemption has been sent by U.S. Bank National Association, the trustee for the Notes, to all registered holders of the Notes. The redemption price for the Notes is equal to 103.938% of the principal amount of the Notes, plus accrued and unpaid interest to, but not including, the redemption date, which will be on November 14, 2015. Upon the partial redemption by the Company of the Notes, $235 million of the Notes will remain outstanding.
Rich Lavin, President and CEO of Commercial Vehicle Group, stated, “After giving consideration to our liquidity needs, including the business environment and the investment necessary to execute on our initiatives, consistent with our capital allocation strategy we will redeem $15 million of the Notes thereby de-leveraging our balance sheet and reducing annual interest expense by $1.2 million.”
This is not an offer to sell or a solicitation of an offer to buy any securities.