Holley has utilized strong free cash flow to pay down $50 million in debt since September 2023
Holley Inc. (NYSE:HLLY),a leader in automotive aftermarket performance solutions, todayannounced it paid down an additional $25 million in principal against its first lien term loan facility. This debt reduction against Holley’s first lien term loan facility was completed through opportunistic repurchases at a discount to par in November and December and were completed using cash on hand.
Combined with the $25 million paydown during September 2023, Holley has reduced the principal amount outstanding under its first lien term loan facility by $50 million since September 2023 allowing Holley to recognize up to an estimated $2 million in annualized net interest savings. Holley is committed to further reducing its leverage over the next 12 months.
“We are delivering our commitments and executing the strategy we outlined at the beginning of 2023 to improve financial flexibility and reduce leverage,” said Jesse Weaver, Chief Financial Officer, Holley. “The successful execution of these opportunistic repurchases is another key step forward for Holley. Looking ahead to 2024, our executive leadership team remains committed to prioritizing near-term cash flow for debt reduction.”
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