Monitor for drawdowns on the credit facility to fund the pending Mirror Transactions (SpinCo acquisition), which could increase leverage. Watch subsequent filings for compliance with financial covenants post-acquisition.
Price Chart
Executive Summary
Gentherm entered into a Third Amended and Restated Credit Agreement on June 29, 2026, providing a $550 million secured revolving credit facility maturing June 29, 2031, with $50M swing line and $30M letter of credit sublimits. The facility refinances existing debt and supports general corporate purposes, including the pending acquisition of Modine's Performance Technologies business (SpinCo). The new credit agreement maintains financial covenants with a maximum net leverage ratio of 3.50x (step-up to 4.00x for material acquisitions).
Key Financial Metrics
Key Facts
- $550M secured revolving credit facility, maturing June 29, 2031
- Swing line sublimit of $50M and letter of credit sublimit of $30M
- Interest rates based on consolidated net leverage ratio: Term SOFR/Alternative Currency + 1.125%-2.000% or base rate + 0.125%-1.000%
- Financial covenants: minimum interest coverage ratio 3.00x, maximum net leverage ratio 3.50x (4.00x step-up for material acquisitions)
- Facility refinances existing credit agreement and provides liquidity for the pending Mirror Transactions (acquisition of SpinCo from Modine)
Financial Impact
Liquidity increase of $550M, but no immediate draw disclosed; net debt impact depends on usage for pending acquisition
Risk Factors
- Potential leverage increase if Mirror Transactions are funded with significant debt, testing covenant headroom
- Execution risk related to the pending acquisition and integration of SpinCo
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-293500 |
| Document: d52623d8k.htm | 0001193125-26-293500 |
| Document: 0001193125-26-293500-index-headers.html | 0001193125-26-293500 |
| Document: 0001193125-26-293500-index.html | 0001193125-26-293500 |
| Document: 0001193125-26-293500.txt | 0001193125-26-293500 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 11, 2026 21d ago | 8-K | $38.85 $36.35 | ▼ −6.43% | ▼ −6.21% | $31.30 (−19.43%) |
Sep 10, 2026 22d ago | Press Release | $38.33 $37.66 | ▼ −1.75% | ▼ −1.25% | $31.30 (−18.34%) |
Aug 13, 2026 7w ago | EFFECT | $43.07 $40.67 | ▼ −5.57% | ▼ −3.61% | $31.30 (−27.33%) |
Jul 23, 2026 10w ago | 425 / 8-K | $45.61 $42.32 | ▼ −7.21% | ▼ −7.69% | $31.30 (−31.37%) |
Jul 23, 2026 10w ago | Press Release | $45.61 $42.32 | ▼ −7.21% | ▼ −7.69% | $31.30 (−31.37%) |
Jul 22, 2026 10w ago | Press Release | $45.61 $42.32 | ▼ −7.21% | ▼ −7.69% | $31.30 (−31.37%) |
Jul 20, 2026 10w ago | Press Release | $36.64 $42.07 | ▲ +14.82% | ▲ +16.05% | $31.30 (−14.57%) |
Jul 7, 2026 12w ago | Press Release | $34.48 $35.89 | ▲ +4.09% | ▲ +3.23% | $31.30 (−9.22%) |
Jul 2, 2026 13w ago | 425 | $33.88 $35.68 | ▲ +5.31% | ▲ +4.38% | $31.30 (−7.62%) |
Jul 2, 2026 13w ago | 8-K | $33.88 $35.68 | ▲ +5.31% | ▲ +4.38% | $31.30 (−7.62%) |
US Market Status
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