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Astronics Corporation Announces New $300 Million Revolving Credit Facility
EAST AURORA, N.Y.--(BUSINESS WIRE)-- Astronics Corporation (Nasdaq: ATRO), a leading provider of advanced technologies for global aerospace, defense, and
About this update from Astronics Corporation
[{"type":"text","content":" EAST AURORA, N.Y.--(BUSINESS WIRE)--\nAstronics Corporation (Nasdaq: ATRO), a leading provider of advanced technologies for global aerospace, defense, and other mission critical industries, announced today that it has entered into a new $300 million senior secured, cash flow-based revolving credit facility (the “New Revolver”). The New Revolver matures in October 2030 and replaces the previous asset-based revolving credit facility that was scheduled to mature in 2027. The New Revolver, which enhances financial flexibility to support the Company’s growth initiatives, also has an accordion feature, which allows the Company to request incremental commitments of up to $100 million plus additional incremental amounts so long as maximum leverage requirements are met.\n\n\n“The successful execution of this New Revolver is a result of the strong financial performance Astronics has demonstrated in recent quarters. It enhances our borrowing capacity, extends our maturity and provides greater flexibility and liquidity to support our operations and growth initiatives,” noted Nancy Hedges, Chief Financial Officer. “We believe this new facility, combined with our recent convertible bond issue, positions us well to capitalize on the broad range of growth opportunities in front of us, in both the commercial aerospace and defense markets. Our improved capital structure gives us the resources we need to provide further value to our stakeholders.”\n\n\nThe New Revolver will accrue interest at a floating rate equal to SOFR plus the applicable margin ranging from 125 basis points to 213 basis points based on leverage. As of the date of this news release, approximately $90 million was outstanding on the New Revolver.\n\n\nFor further information regarding the New Revolver, please refer to the agreement as filed on the Company’s Current report on Form 8-K to be filed with the Securities and Exchange Commission.\n\n\nFor more information on Astronics and its solutions, visit the Astronics website.\n\n\nABOUT ASTRONICS CORPORATION\n\n\nAstronics Corporation (Nasdaq: ATRO) serves the world’s aerospace, defense, and other mission critical industries with proven, innovative technology solutions. Astronics works side-by-side with customers, integrating its array of power, connectivity, lighting, structures, interiors, and test technologies to solve complex...