Astronics Amends Credit Facility, Increases Borrowing Capacity to $180M and Obtains Waiver of Defaults

ASTRONICS CORP

The amendment temporarily increases the maximum revolving credit line from $170M to $180M until November 21, 2022, then returns to $170M.
Lenders waived defaults related to Astronics' failure to comply with maximum leverage ratio and minimum liquidity covenants as of September 30, 2022.
New covenants require maximum leverage ratio of 3.75x starting Q4 2022 and minimum liquidity of $15M by Nov 21, $35M by Nov 30, 2022.
Interest rates increased to SOFR (floor 1%) plus 4.5% for SOFR loans, and a consent fee of 5 basis points was paid to each lender.
Astronics must retain a financial consultant and provide daily liquidity reports to the agent.

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