TRW Automotive seeks to amend and extend

TRW Automotive announced yesterday that it has initiated discussions with its bank group for an amend-and-extend of $2.5 billion in senior secured credit facilities.

In its SEC filing, the company said that it expects the maturity extension to come with a reduction in total availability under the revolving portion of the facility and the amounts of the term loans.

According to its latest annual report, TRW Automotive has $1.429 billion in senior notes due between 2014 and 2017, as well as approximately $1 billion in term loan facilities. Term loan facilities consist of $600 million term loan A-1 facility maturing in May 2013, $500 million term loan B-1 facility maturing in February 2014, and $1.4 billion revovling credit facility maturing in May 2012.

The company obtained its sixth amendment on 24 June this year, related to its financial convents, interest, and commitment fee rates. TRW paid approximately $30 million in fees ane xpenses for the amendment.