Accuride draws $40 million under existing $100 million revolving credit facility

By Jennifer Chiou

New York, April 15 - Accuride Corp. sent notices to draw $40 million under its existing $100 million revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.

The notices were sent on April 9 and April 13.

Citicorp USA, Inc. is the administrative agent.

The company said it received a total of $30.6 million in proceeds in connection with the draw, adding that the $9.4 million unfunded portion of the requests was to have been funded by Lehman Commercial Paper Inc.

Lehman's share accounts for $24.2 million of the $100 million revolver. Excluding the Lehman portion, there is $1.4 million undrawn and available under the facility.

Interest is at Libor plus 500 basis points with a Libor floor of 3%.

The maturity of the revolver is Jan. 31, 2011.

Proceeds will be used for general corporate purposes.

Accuride is an Evansville, Ind.-based manufacturer and supplier of commercial vehicle components.

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