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Syntec Optics (Nasdaq: OPTX) Announces Favorable Terms Refinancing of Loan Agreements
Growth Leads to Improved Terms ROCHESTER, NEW YORK, Nov. 09, 2023 (GLOBE NEWSWIRE) -- Syntec Optics Holdings, Inc. (Nasdaq: OPTX), a 20-year optics and
About this update from Syntec Optics Holdings, Inc.
[{"type":"text","content":"Growth Leads to Improved Terms\nROCHESTER, NEW YORK, Nov. 09, 2023 (GLOBE NEWSWIRE) -- Syntec Optics Holdings, Inc. (Nasdaq: OPTX), a 20-year optics and photonics leader for scientific and technical instruments and aerospace and defense products that has the mission of keeping American soldiers out of harm’s way, improving patient care and bringing more precision products to the consumer, announced it has refinanced the terms of its commercial banking loan agreements at more favorable terms. The refinancing extends the maturity dates of the existing loans, increases the line of credit by 25%, decreases the interest rates by 85 basis points on all existing loan facilities, adds an additional new loan/lease facility of $5,000,000, and increases the funded debt to TTM EBITDA ratio from 3.0x to 3.5x. \"We are pleased to have refinanced our loan agreements with the continued strengthening of Syntec Optics, though we don’t have an immediate need for operating capital. The company is increasing the production of ultra-precision satellite optics to meet OEM’s rollout schedule, enabling satellite-to-cell phone service. A cellular service provider has likened the OEM satellite mega-constellation to putting a cellular tower in low earth orbit that may eliminate dead zones one day, allowing people to easily get in touch with loved ones even if they were in the middle of the ocean. In addition to this product, we are also launching the lightweight optics for night vision goggles,” said CEO Joe Mohr. “Our team is working 24x7 round the clock to meet customer demand,” he added. “The recently announced merger did not require any cash proceeds at close for EBITDA-positive Syntec Optics, but it was favorable to receive $1.8 million in proceeds to add to the balance sheet as a result of the transaction. This adds to our strong position,” said Donna Berke, Corporate Finance Director at Syntec Optics. About Syntec Optics Syntec Optics, headquartered in Rochester, NY, is one of the largest custom optics and photonics manufacturers in the United States. Operating for over two decades, Syntec Optics runs a state-of-the-art manufacturing facility with extensive core capabilities of various optics manufacturing processes, both horizontally and vertically integrated, to provide a competitive advantage for optics and photonics integrators. Syntec Optics’ m...