secwatch.observer — SEC 8-K summary
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Issuer:     ASTRONICS CORP (ATRO)
CIK:        0000008063
Form:       8-K
Filed at:   2022-10-24T23:59:59+00:00
Accession:  0000008063-22-000038
Event type: debt
Sentiment:  negative
Materiality: 0.90
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/8063/000000806322000038/0000008063-22-000038-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/8063/000000806322000038/atro-20221021.htm
  HTML page:      https://secwatch.observer/filing/0000008063-22-000038

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