Power Solutions International Announces Amendment to Credit Agreement

Power Solutions International, Inc. (“the Company”) (OTC Pink: PSIX), a leader in the design, engineering and manufacture of emission-certified engines and power systems, announced that it entered into a first amendment to its one-year senior secured revolving credit facility pursuant to that certain credit agreement dated March 27, 2020, between the Company and Standard Chartered Bank (“Standard Chartered”).

Among other items, the first amendment provides the Company with a waiver with regard to the minimum Consolidated EBITDA requirement for the quarters ended June 30, 2020 and September 30, 2020, amends the calculations of the interest coverage ratio and minimum Consolidated EBITDA, reduces the minimum Consolidated EBITDA and Consolidated Interest Coverage Ratio thresholds for the quarter ended December 31, 2020, and removes the 60-day extension option for the maturity date. The Company incurred a customary amendment fee associated with the amendment, however, there were no changes to the interest rate of LIBOR plus 2% per annum.

Additional details on the amendment can be found in the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on December 31, 2020.

Management Commentary

John Miller, chief executive officer, commented, “We appreciate the support and flexibility that Standard Chartered has provided to us during a year that has been impacted by the COVID-19 pandemic. As we enter 2021, we are focused on securing a financing solution to support the Company’s strategy and look forward to working closely with Weichai, our strategic partner, and continuing discussions with Standard Chartered.”

About Power Solutions International, Inc.

Power Solutions International, Inc. (PSI) is a leader in the design, engineering and manufacture of a broad range of advanced, emission-certified engines and power systems. PSI provides integrated turnkey solutions to leading global original equipment manufacturers and end-user customers within the energy, industrial and transportation end markets. The Company's unique in-house design, prototyping, engineering and testing capacities allow PSI to customize clean, high-performance engines using a fuel agnostic strategy to run on a wide variety of fuels, including natural gas, propane, gasoline, diesel and biofuels.

PSI develops and delivers complete power systems that are used worldwide in stationary and mobile power generation applications supporting standby, prime, demand response, microgrid, and co-generation power (CHP) applications; and industrial applications that include forklifts, agricultural and turf, arbor care, industrial sweepers, aerial lifts, irrigation pumps, ground support, and construction equipment. In addition, PSI develops and delivers powertrains purpose-built for medium-duty trucks and buses including school and transit buses, work trucks, terminal tractors, and various other vocational vehicles. For more information on PSI, visit www.psiengines.com.

Contact:

Power Solutions International, Inc.
Philip Kranz
Director of Investor Relations
+1 (630) 451-5402
Philip.Kranz@psiengines.com