Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers A > Headlines for Astronics Corp. > News item |
Astronics restates credit facility for $500 million revolver due 2023
By Marisa Wong
Morgantown, W.Va., Feb. 21 – Astronics Corp. entered into a fifth amended and restated credit agreement on Feb. 16 to modify and extend its existing credit facility, according to an 8-K filing with the Securities and Exchange Commission.
HSBC Securities (USA) Inc. is the bookrunner and a joint lead arranger with Merrill Lynch, Pierce, Fenner & Smith Inc. Merrill Lynch is the syndication agent. HSBC Bank USA, NA is the agent. HSBC Bank, Bank of America, NA, SunTrust Bank, Wells Fargo Bank, NA and Manufacturers and Traders Trust Co. are lenders.
On the closing date, $262 million of revolving loans and $1.1 million of letters of credit were outstanding under the original facility.
The amendment replaced the original facility with a $500 million revolving credit line, with the option to increase the line by up to $150 million. The outstanding balances in the original facility were rolled into the restated agreement at closing.
In addition, the maturity date of the loans is now Feb. 16, 2023.
Covenants have also been modified, with the maximum permitted leverage ratio at 3.75 to 1. However, the company may increase this ratio to 4.50 to 1 for up to four fiscal quarters following the closing of a permitted acquisition.
Interest is equal to Libor plus 100 basis points to 150 bps, based on the company’s leverage ratio. The commitment fee ranges from 10 bps to 20 bps, also based on the leverage ratio.
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.