Stoneridge Redeems $157.5M Of 9.5% Senior Secured Notes

Stoneridge, Inc.

announced today that it has redeemed the remaining $157.5 million of its outstanding 9.5% Senior Secured Notes (the "Notes") using $57.5 million in cash and $100.0 million in borrowings under its new $300.0 million Senior Secured Revolving Credit Facility (the "Credit Facility"). The cost of borrowing on the initial $100.0 million will be LIBOR plus 145 basis points. "Consummating the sale of the Wiring Business on August 1, 2014, executing our new Credit Facility on September 12, 2014 and now extinguishing the Notes mark important steps in transforming Stoneridge," said John C. Corey, President and Chief Executive Officer of Stoneridge. "Our new Credit Facility will reduce interest expense significantly and offer much greater flexibility to our capital structure while improving our free cash flow, which will provide greater value to our shareholders."