BorgWarner Amends Revolving Credit Facility

BorgWarner said Thursday it entered into a third amended credit agreement with lenders, including the Bank of America (BAC). Shares advanced almost 3% intraday. Lenders have committed to provide loans under an unsecured revolving credit facility, offering an initial maximum principal amount of up to $1.2 billion, which may be increased by up to $300 million.

The commitments under the credit facility will mature June 29, 2022, the company said in a Form 8-K filing with the U.S. Securities and Exchange Commission. Shares traded near the top end of their 52-week price range of $27.63 – $45.05.

By William Spence