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Exide enters into backstop agreement

Jan. 08, 2015 7:44 AM ETExide Technologies (XIDEQ) StockXIDEQBy: Yoel Minkoff, SA News Editor
  • Exide Technologies (OTCPK:XIDEQ) has entered into backstop agreement with supporting noteholders as it continues its plan of emerging from Chapter 11 restructuring by March 31.
  • Certain holders of its senior secured notes have executed a commitment to backstop up to $160M of second lien convertible notes to be offered to certain senior secured note holders as part of a proposed plan of reorganization.
  • The plan contemplates de-leveraging the company by approximately $600M to provide for an "as converted" net leverage ratio of approximately 2x.

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