LMI Aerospace gets $125 million amended and restated revolver

By Sara Rosenberg

New York, Sept. 16 - LMI Aerospace Inc. closed on a new $125 million five-year amended and restated senior secured revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission on Friday.

Wells Fargo Securities LLC and RBC Capital Markets acted as the joint lead arrangers and bookrunners on the deal that was completed on Sept. 12, with Wells Fargo the administrative agent.

Pricing on the revolver ranges from Libor plus 175 basis points to 275 bps based on leverage.

There is a $150 million accordion feature.

Covenants include a maximum leverage ratio of 3.5 times for each of the four fiscal quarters ending after the company closes a significant acquisition.

Proceeds were used to replace an $80 million credit facility that was set to mature on July 31, 2012.

LMI Aerospace is a St. Charles, Mo.-based provider of design engineering services, structural assemblies, kits and components to the aerospace, defense and technology markets.

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