Modine Manufacturing Amends Credit Agreement for Performance Technologies Spin-Off

Details

The amendment allows for the incurrence of indebtedness by a newly formed subsidiary in connection with the transaction and includes provisions for a mandatory prepayment of loans with the net proceeds of such indebtedness. The amendment also modifies certain negative covenants to permit investments, restricted payments, asset transfers, and affiliate transactions undertaken in connection with the spin-off.

Items reported

About Modine Manufacturing Company

Modine Manufacturing Company, a prominent player in the industrial sector, specializes in thermal management solutions. Established in 1916 and headquartered in Racine, Wisconsin, Modine is dedicated to developing and manufacturing heat transfer products that serve a wide array of applications. These products include radiators, oil coolers, and HVAC components which are utilized across diverse industries such as automotive, commercial vehicles, building HVAC systems, and power generation. With a focus on innovation and sustainability, Modine addresses the increasing global demand for energy-efficient and environment-friendly heating and cooling systems. The company's extensive expertise and advanced engineering capabilities allow it to cater to both standard and customized solutions for clients worldwide, maintaining a significant presence in emerging and established markets. Modine's impact is substantial, as it supports critical sectors by providing products that ensure effective thermal management, thereby enhancing performance and safety standards in various applications. Through continuous investment in research and development, Modine Manufacturing Company strives to lead in thermal innovation and operational excellence, reinforcing its commitment to improving industrial energy efficiency and environmental performance.