TRW Automotive (TRW) Higher After Amending Primary Credit Facility
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Shares of TRW Automotive Holdings Corp. (NYSE: TRW) are 5% after the company announced it has finalized an agreement with its lenders of its senior secured credit agreement.
The amended $2.5 billion credit agreement is effective June 24, 2009 and includes revised financial covenant ratios beginning with the second quarter of 2009 and continuing through the third quarter of 2011. The Company sought the amendment in response to the current industry conditions including the unprecedented decline in global vehicle production.
Analysts at Deutsche Bank commented on the amendment, saying "we believe the revised agreement ensures that TRW will have ample liquidity to weather the current automotive downturn."
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