US battery manufacturer Exide Technologies has expansion in its sights after completing “comprehensive” new financing and recapitalisation of the business.
As part of the recapitalisation, Exide said it had issued US$150 million of new international notes generating net proceeds of around $125m.
The company also converted $175m of existing second lien debt to equity.
Chairman, president and CEO Tim Vargo (pictured) said: “We believe this transaction is a great outcome for Exide and is intended to significantly improve Exide’s financial position allowing for further growth and continued reinvestment in our business.”
Vargo, who succeeded Vic Koelsch last year, praised shareholders and lenders for underpinning the company’s “enhanced financial position to drive long-term value”.