Greenbrier (GBX) Receives Strategic Investment from WL Ross
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The Greenbrier Companies (NYSE: GBX) announced it has received a strategic investment from WL Ross & Co. LLC.
As part of this investment, WL Ross has funded a flexible three-year term loan for $75 million. The loan proceeds will be used to pay down debt and serve as a platform for future growth, including the pursuit of select growth opportunities in conjunction with WL Ross in all areas of Greenbrier's present business.
In addition, the Company's existing North American revolving credit facility led by Bank of America has been amended. Specifically, the size of the facility has been reduced to $100 million from $290 million. The terms of certain financial covenants have also been made significantly more accommodative to Greenbrier. The maturity date of the revolver remains at November 2011.
Following the closing, Greenbrier currently has nothing drawn on the revolving facility, and cash balances of approximately $30 million.
The WL Ross loan, which contains no financial covenants, will mature in June 2012. The next potential earliest maturity of any significant debt is May 2013.
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