Astronics Announces New Five-Year $60 Million Credit Facility
EAST AURORA, N.Y.--(BUSINESS WIRE)--
Astronics Corporation (NASDAQ: ATRO), a trusted leader in innovative, high performance lighting, electrical power generation, control and distribution systems for the global aerospace industry, announced that it has entered into a five-year $60 million committed revolving credit facility, which will replace its existing $25 million facility. The Company entered into the new credit facility with HSBC Bank USA, National Association, the lead bank, and Bank of America, N.A. and KeyBank as participating lenders. The expanded credit facility is committed through May 13, 2013, with interest at LIBOR plus between 75 and 150 basis points or bank prime minus between 25 and 0 basis points and will be available for general corporate purposes, working capital, letters of credit and acquisition opportunities.
David C. Burney, Chief Financial Officer of Astronics Corporation, commented, "In light of the restrictive credit markets, measurably increasing our credit facility with these terms speaks to the strength of our organization. This provides us greater financial flexibility to support our continued growth as well as pursue future expansion opportunities."
ABOUT ASTRONICS CORPORATION
Astronics Corporation is a trusted leader in innovative, high performance lighting, electrical generation, control and distribution systems for the global aerospace industry. Its strategy is to expand the value and content it provides to various aircraft platforms through product development and acquisition. Astronics Corporation, and its wholly-owned subsidiaries Astronics Advanced Electronic Systems Corp. and Luminescent Systems Inc., have a reputation for high quality designs, exceptional responsiveness, strong brand recognition and best-in-class manufacturing practices.
For more information on Astronics and its products, visit its website at www.Astronics.com.
Safe Harbor Statement
This press release contains forward-looking statements as defined by the Securities Exchange Act of 1934. One can identify these forward-looking statements by the use of the words "expect," "anticipate," "plan," "may," "will," "estimate" or other similar expression. Because such statements apply to future events, they are subject to risks and uncertainties that could cause the actual results to differ materially from those contemplated by the statements. Important factors that could cause actual results to differ materially include the state of the aerospace industry, the market acceptance of newly developed products, internal production capabilities, the timing of orders received, the status of customer certification processes, the demand for and market acceptance of new or existing aircraft which contain the Company's products, customer preferences, and other factors which are described in filings by Astronics with the Securities and Exchange Commission. The Company assumes no obligation to update forward-looking information in this press release whether to reflect changed assumptions, the occurrence of unanticipated events or changes in future operating results, financial conditions or prospects, or otherwise.
Source: Astronics Corporation
Released May 23, 2008