Modine amends loan, notes to permit sale of stock for promissory note

By Sara Rosenberg

New York, Dec. 23 - Modine Manufacturing Co. amended its credit facility, its 5.68% senior notes and its 4.91% senior notes, allowing for the sale of stock of Modine Climate Systems GmbH to Modine Holding GmbH in exchange for an at least €20 million promissory note, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.

The amendment also allows the company to form a new subsidiary in Korea and invest up to $2.5 million to continue operations in Korea.

In addition, the limit on funds allowed to be held in deposit accounts at non-lender group banks was increased to $1 million domestically and $7.5 million internationally.

The amendment was completed on Dec. 21.

JPMorgan is the agent on the deal.

Modine is a Racine, Wis.-based developer, manufacturer and marketer of thermal management products, components and systems.

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