Voxx International amends revolver, upsizes to $165 million

By William Gullotti

Buffalo, N.Y., Feb. 22 – Voxx International Corp. and its subsidiaries entered into a 10th amendment to its second amended and restated credit agreement with Wells Fargo Bank, NA as administrative agent on Feb. 15, according to an 8-K filing with the Securities and Exchange Commission.

The revolver, which matures April 19, 2026, was expanded to $165 million from $140 million.

The amendment also updated the reference rate to SOFR from Libor. Borrowings will bear interest at SOFR plus a margin ranging from 175 basis points to 225 bps, determined by the quarterly average excess availability.

The unused line fee was amended to range from 50 bps to 62.5 bps, determined by the average revolver usage.

Also included in the amendment was a reappraising of the real property valuation, which increased the real property availability, as well as the inclusion of the company’s intellectual property as collateral.

Wells Fargo is also the lead arranger and bookrunner.

Voxx is a Hauppauge, N.Y.-based automotive and consumer electronics and accessories company.

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