Celestica Announces First Quarter 2023 Financial Results

Activity under our Credit Facility during 2022 and Q1 2023 is set forth below:

  Revolver (1)  Term loans
Outstanding balances as of December 31, 2021$ $660.4 
Amount repaid in Q1 2022(2)   (4.5625)
Amount repaid in Q2 2022(2)   (4.5625)
Amount repaid in Q3 2022(2)   (4.5625)
Amount repaid in Q4 2022(3)   (19.5625)
Outstanding balances as of December 31, 2022$ $627.2 
Amount repaid in Q1 2023(2)   (4.5625)
Outstanding balances as of March 31, 2023$ $622.6 

 

(1)In addition to the activity described in this table, we have drawn on the Revolver for short term borrowings from time-to-time during the periods set forth above and repaid such borrowings in full within the quarter borrowed, with no impact to the amounts outstanding at the relevant quarter-end. Such intra-quarter borrowings and repayments are excluded from this table.
  
(2)Represents the scheduled quarterly principal repayment under the Incremental Term Loan.
  
(3)Represents the scheduled quarterly principal repayment under the Incremental Term Loan and a $15.0 voluntary prepayment under the Initial Term Loan.

At March 31, 2023 and December 31, 2022, we were in compliance with all restrictive and financial covenants under the Credit Facility.

The following tables set forth, at the dates shown: outstanding borrowings under the Credit Facility, excluding ordinary course letters of credit (L/Cs); notional amounts under our interest rate swap agreements; and outstanding lease obligations:

  Outstanding borrowings  Notional amounts under
interest rate swaps (note
10 )
  December 31
2022
  March 31
2023
  December 31
2022
  March 31
2023
Borrowings under the Revolver $     $     $   $
Borrowings under term loans:              
Initial Term Loan $ 280.4     $ 280.4     $ 100.0   $ 100.0
Incremental Term Loan   346.8       342.2       230.0     230.0
Total $ 627.2     $ 622.6     $ 330.0   $ 330.0
Total borrowings under Credit Facility $ 627.2     $ 622.6          
Unamortized debt issuance costs related to our term loans (1)   (3.5 )     (3.3 )        
Lease obligations (2)   162.4       155.9          
  $ 786.1     $ 775.2          
Total Credit Facility and lease obligations:              
Current portion $ 52.2     $ 51.1          
Long-term portion   733.9       724.1          
  $ 786.1     $ 775.2          

 

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