Aftermarket Technology Reduces Debt And Reiterates Earnings

Autoparts Report, March 20, 2002

Aftermarket Technology Corp., which remanufactures auto, said it closed on a deal for a new credit facility and reiterated its 2002 earnings expectations. The company said in a statement that the credit facility provides for $170 million of term loans and $50 million of revolving credit. It also said it has repaid all amounts outstanding under its previous credit facility using proceeds from a recently closed share offering and borrowings under the new credit facility.

The new facility will be used to redeem all $110.4 million of the company's 12 percent senior subordinated notes due 2004. At the end of the deals, Aftermarket Technology said it reduced its net debt by about $37 million to $166 million. The company also reiterated its expectations for earnings of $1.90 a share in 2002 and said it closed its 2.4 million public share offering.