Unique Fabricating gets notice of credit agreement default

By Wendy Van Sickle

Columbus, Ohio, March 24 – Unique Fabricating NA, Inc. and Unique-Intasco Canada, Inc., units of parent Unique Fabricating, Inc., received notice dated March 23 that they are in default under their credit agreement dated Nov. 8, 2018 as a result of the failure to repay the debt under the agreement by the Feb. 17 repayment date, according to an 8-K filed Friday with the Securities and Exchange Commission.

The notice stated that agent Citizens Bank, NA and the lenders will no longer allow automatic advances under the revolving line of credit. Any further advances under the line of credit will be at the discretion of the lenders and subject to such additional terms and conditions.

The notice further stated that as a result of the default, the agent and lenders are entitled to, and reserve their rights to, pursue their rights and remedies available to them under the terms of the loan documents.

As of March 23, there was $44.1 million principal outstanding under the credit agreement, including under the revolving line of credit, term loans and capital expenditure loans.

The Auburn Hills, Mich., company makes foam, rubber and plastic components.

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