Magellan Aerospace Corporation announces an amended and restated credit agreement

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[{"type":"text","content":"\n\n\n\nTORONTO, June 24 /CNW/ - Magellan Aerospace Corporation ("Magellan" or\nthe "Company") announces that it has amended and restated its credit agreement\nwith its existing lenders.\n\n\nUnder the terms of the amended and restated agreement, the maximum amount\navailable under the operating credit facility was increased by $20,000,000 to\n$185,000,000 with a maturity date of May 23, 2009. The facility is extendible\nfor unlimited one-year renewal periods, subject to mutual consent of the\nsyndicate of lenders and the Corporation, and continues to be fully guaranteed\nby the Chairman of the Board of the Corporation. The amended and restated\nagreement eliminates all of the financial performance covenants except for a\nfixed charge coverage ratio. Magellan will use a portion of the additional\ncredit facility capacity to retire the Bridge Loan for $15,000,000, due\nJuly 31, 2008.\n\n\nMagellan Aerospace Corporation is one of the world's most integrated and\ncomprehensive aerospace industry suppliers. Magellan designs, engineers, and\nmanufactures aeroengine and aerostructure assemblies and components for\naerospace markets, advanced products for military and space markets, and\ncomplementary specialty products. Magellan is a public company whose shares\ntrade on the Toronto Stock Exchange (TSX: MAL), with operating units\nthroughout Canada, the United States and the United Kingdom.\n\n\nForward Looking Statements:\n\n\nThis press release contains information and statements of a\nforward-looking nature and is based on assumptions and uncertainties as well\nas on management's reasonable evaluation of future events. These statements\nare not guarantees of future performance and involve risks and uncertainties\nthat are difficult to predict, and/or are beyond the Corporation's control. A\nnumber of important factors could cause actual outcomes and results to differ\nmaterially from those expressed in these forward-looking statements.\n\n\n%SEDAR: 00002367E\n\n\n","length":2055,"tagName":"div"}]

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