Core Molding Technologies, Inc. (NYSE American: CMT) announced an amendment and extension of its credit agreement through 2031, according to a press release from the Columbus, Ohio-based company.

The amended credit facility consists of a $50 million delayed draw term loan and a $50 million revolving credit facility. Borrowings will bear interest at SOFR plus an applicable margin ranging from 1.50% to 3.75%, based on the company's leverage ratio. The facility includes a covenant-light structure.

Eric Palomaki, President and Chief Executive Officer, said: "Combined with our strong cash generation and healthy balance sheet, this facility provides additional flexibility to invest in operational excellence, support organic growth initiatives, and pursue value-enhancing acquisitions, while maintaining a prudent capital structure."

Chief Financial Officer Alex Panda said the amended agreement "reduces our overall cost of capital" and extends the company's debt maturity profile through 2031.

Core Molding Technologies specializes in molded structural products, serving the medium- and heavy-duty truck, powersports, building products, and industrial and utility industries across the United States, Canada, and Mexico.