SOURCE: Shiloh Industries

August 07, 2008 09:02 ET

Shiloh Industries Completes New Credit Agreement

VALLEY CITY, OH--(Marketwire - August 7, 2008) - Shiloh Industries, Inc. (NASDAQ: SHLO) today announced the completion of their new Credit and Security Agreement with a syndication of lenders led by National City Bank as co-lead arranger, sole book runner and administrative agent and The Privatebank and Trust Company as co-lead arranger and syndication agent. The agreement provides the Company with a revolving line of credit of $120,000,000 maturing in July 2013.

The proceeds of the new agreement will repay borrowings under the Company's existing credit agreement of approximately $65,000,000, pay for related fees and expenses, and provide working capital needs and liquidity for the Company.

Theodore K. Zampetis, President and CEO of Shiloh, stated that, "Completion of this new credit agreement provides the Company with a secure source of financing over the next five years. This agreement demonstrates our banking group's recognition of the financial excellence that Shiloh continues to achieve, and their commitment to Shiloh's business strategy for the next several years."

Headquartered in Valley City, Ohio, Shiloh Industries is a leading manufacturer of first operation blanks, engineered welded blanks, complex stampings and modular assemblies for the automotive and heavy truck industries. The Company has 15 wholly owned subsidiaries at locations in Ohio, Georgia, Michigan, Tennessee and Mexico, and employs approximately 1,500.

Contact Information

    Thomas M. Dugan
    Shiloh Industries, Inc.
    (330) 558-2600