Bridge Loan Facility Secured for SpinCo Cash Distribution

In connection with the transaction, Gentherm, SpinCo, and a financial institution executed a 364-day bridge loan facility commitment letter. The debt financing will fund the $210 million cash distribution to Modine and related transaction expenses.

“In connection with entry into the Merger Agreement and the Separation Agreement, Gentherm, SpinCo and a financial institution executed a 364-day bridge loan facility commitment letter, pursuant to which such financial institution has committed to provide (i) debt financing to SpinCo to fund the Cash Distribution and a special dividend to Gentherm shareholders, if any (as further described below), and to pay fees and expenses related to the transactions contemplated by the Merger Agreement and the Separation Agreement and (ii) to Gentherm a backstop of its existing credit agreement, in each case on the terms and conditions set forth therein.”

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