UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
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| Item 1.01. | Entry into a Material Definitive Agreement. |
On July 30, 2025, Power Solutions International, Inc. (the “Company” or “PSI”) entered into a second amendment (the “Amendment”) to its existing Uncommitted Revolving Credit Agreement (the “Existing Credit Agreement” and as amended, the “Amended Credit Agreement”) with Standard Chartered Bank, as administrative agent (“Standard Chartered”), and the lenders party thereto from time to time. The Amended Credit Agreement allows the Company to borrow up to $135 million on a committed basis and expires on July 30, 2027.
The Amended Credit Agreement remains subject to customary events of default and covenants, including minimum adjusted EBITDA, minimum interest coverage ratio and maximum gross leverage ratio covenants. Borrowings under the Amended Credit Agreement will incur interest at the applicable Secured Overnight Financing Rate (“SOFR”) plus 2.10% per annum. In the event the Company’s majority shareholder, Weichai America Corp. (“Weichai”) holds less than fifty percent (50%) of the common equity of the Company, the interest rate under the Amended Credit Agreement will increase to the applicable SOFR plus 2.60% per annum.
Other material terms of the Existing Credit Agreement remain in effect.
The foregoing description of the Amendment is qualified in its entirety by reference to such document, a copy of which is filed herewith as Exhibit 10.1 and which is incorporated by reference herein.
Prior to entering into the Amendment, the Company paid all outstanding borrowings, including principal and interest, under the Shareholder’s Loan Agreement, dated as of August 30, 2024 by and between the Company and Weichai (the “Shareholder’s Loan Agreement”).
| Item 2.03. | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The information included in Item 1.01 of this report is incorporated by reference into this Item 2.03.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit |
Description | |
| 10.1 | Revolving Credit Agreement, dated as of July 30, 2025, among the Company , the lenders party thereto and Standard Chartered Bank, as administrative agent.** | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |
| ** | Portions of this exhibit have been omitted pursuant to Rule 601(b)(10) of Regulation S-K. The omitted information is not material and would likely cause competitive harm to the registrant if publicly disclosed. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
| Power Solutions International, Inc. | ||||||
| Dated: July 31, 2025 | By: | /s/ Xun Li | ||||
| Xun Li | ||||||
| Chief Financial Officer | ||||||