Columbus, Ohio – October 16, 2026 -- Core Molding Technologies (NYSE American: CMT) has amended and extended its credit agreement through 2031, creating a facility with $100 million in combined capacity: a $50 million delayed draw term loan and a $50 million revolving credit facility.
Pricing floats at SOFR plus 1.50% to 3.75% based on leverage
Borrowings will bear interest at SOFR plus an applicable margin of 1.50% to 3.75%. The margin depends on the company's leverage ratio, so borrowing costs move with Core's debt load relative to earnings.
The facility uses a covenant-light structure, which the company says gives it more financial flexibility. The source does not disclose the specific covenant terms, the lending group or the prior facility's pricing.
CFO Alex Panda says the extension lowers overall cost of capital
Chief Financial Officer Alex Panda said the facility extends the company's debt maturity profile through 2031 and reduces its overall cost of capital. He also thanked the company's lending partners for their confidence in Core. The company did not quantify the cost reduction.
CEO Eric Palomaki targets acquisitions and organic growth
President and CEO Eric Palomaki said the facility, combined with the company's cash generation and balance sheet, gives Core room to invest in operational excellence, support organic growth initiatives and pursue value-enhancing acquisitions. He said the company intends to maintain a prudent capital structure.
Core Molding makes molded structural products, principally for the medium- and heavy-duty truck, powersports, building products, and industrial and utility industries across the United States, Canada and Mexico. The company did not announce any specific acquisition or draw on the new term loan.