Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers C > Headlines for Comtech Telecommunications Corp. > News item |
Comtech amends facility to raise repurchase basket amount, cut ratio
By Jennifer Chiou
New York, Nov. 4 - Comtech Telecommunications Corp. entered into an amendment to its line of credit agreement at the end of October to, among other things, increase the basket amount for repurchases of its equity securities to $600 million from $300 million and reduce the minimum fixed-charge coverage ratio to 1.5:1.0 from 2.0:1.0, according to an 8-K filing with the Securities and Exchange Commission.
Other changes include the increase of the maximum consolidated total indebtedness/consolidated adjusted EBITDA ratio to 4.0:1.0 from 2.5:1.0 and the establishment of a new $200 million minimum consolidated net worth requirement and a minimum consolidated senior secured indebtedness/consolidated adjusted EBITDA ratio of 3.0:1.0, the filing added.
Comtech noted that there was no change in the number of permitted acquisitions allowable under the agreement.
In connection with the amendment, the company also entered into a security agreement with the lenders, under which Comtech and certain of its subsidiaries granted to the lenders a first-priority perfected security interest in their assets.
Melville, N.Y.-based Comtech develops, makes and markets products, systems and services for advanced communications services, including telecommunications transmission, mobile data and RF microwave amplifiers.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.