Astronics ups revolving loans to $75 million, pushes out term to 2018

By Susanna Moon

Chicago, April 1 - Astronics Corp. lifted its revolving credit facility to $75 million from $35 million and extended the due date to March 27, 2018.

The company modified its credit facility with HSBC Bank USA, NA as agent, according to an 8-K filing with the Securities and Exchange Commission.

There was $11 million outstanding under the term loan, which will mature as scheduled on Jan. 30, 2014.

The covenants were modified to eliminate the maximum capital expenditure limit; the cap on permitted acquisitions was increased to $25 million per acquisition and $50 million in the aggregate; and the permitted allowance for share repurchases was increased to $20 million.

In addition, the maximum permitted leverage ratio was raised to 3.75 times for each fiscal quarter ending on or after March 31 and to 3.5 times for each fiscal quarter ending after March 31, 2015.

HSBC, Bank of America, NA and Manufacturers and Traders Trust Co. are lenders.

Astronics is a supplier of products to the aerospace and defense industries and is based in East Aurora, N.Y.

© 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.