Astronics revolver amendment tweaks maturity, size; net leverage ratio waived

By Wendy Van Sickle

Columbus, Ohio, Nov. 15 – Astronics Corp. amended its existing credit facility on Monday to extend the maturity date to Nov. 30, 2023 from Aug. 31, 2023, among other changes, according to an 8-K filing with the Securities and Exchange Commission.

The amendment also set the maximum amount the company can borrow under the revolving line of credit at $180 million through Dec. 20, after which the amount will decrease to $170 million. The maximum available for borrowing was previously set to decrease to $170 million on Nov. 21.

Additionally, the maximum net leverage ratio was waived through the duration of the facility, and the amendment requires the company to comply with a minimum EBITDA requirement, set at $15 million at Dec. 31 and March 31, 2023 and $25 million at June 30, 2023 and Sept. 30, 2023.

Further, the company must maintain minimum liquidity of at least $10 million at Nov. 30 and Dec. 31 and $15 million at the end of any month thereafter.

Borrowings bear interest at SOFR plus 550 basis points through Jan. 16, with the margin stepping up to 850 bps thereafter. There is a 1% SOFR floor.

Astronics must also pay a commitment fee of 10 bps.

HSBC Bank USA, NA is the agent.

Astronics is an aerospace electronics company based in East Aurora, N.Y.

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