ASTRONICS CORP (ATRO): debt financing — Astronics beats Q4 sales guidance, completes $205M refinancing

ASTRONICS CORP

Preliminary Q4 sales $155M-$160M, above prior guidance of $140M-$150M; bookings $175M-$180M.
Completed $205M refinancing: $90M term loan (SOFR+8.75%, matures 2027) and $115M revolver (SOFR+2.25%-2.75%, matures 2026).
Post-closing liquidity ~$35M; FY 2023 revenue guidance reaffirmed at $640M-$680M.
Weighted avg cash interest rate ~10%; minimum EBITDA covenants with increasing quarterly thresholds.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

ASTRONICS CORP incurred term loan of $90 million with Great Rock Capital Partners Management, LLC, as Agent at SOFR (which shall be at least 2.50%) plus 8.75% maturing January 19, 2027.

Instrument: term loan
Principal: $90 million
Counterparty: Great Rock Capital Partners Management, LLC, as Agent
Rate: SOFR (which shall be at least 2.50%) plus 8.75%
Maturity: January 19, 2027
Event: incurrence

Exact text from the filing

The Company also entered into a $90 million asset-based term loan Credit Agreement (the “Term Loan Agreement”) on January 19, 2023, with Great Rock Capital Partners Management, LLC, as Agent, and the lenders signatory thereto.

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

ASTRONICS CORP amended revolving credit of $115 million with HSBC Bank USA, National Association, as Agent and Co-Collateral Agent, Wells Fargo Bank, N.A., as Co-Collateral Agent at SOFR (which shall be at least 1.00%) plus 2.25% to 2.75% maturing January 19, 2026.

Instrument: revolving credit
Principal: $115 million
Counterparty: HSBC Bank USA, National Association, as Agent and Co-Collateral Agent, Wells Fargo Bank, N.A., as Co-Collateral Agent
Rate: SOFR (which shall be at least 1.00%) plus 2.25% to 2.75%
Maturity: January 19, 2026
Event: amendment

Exact text from the filing

as Co-Collateral Agent, and the lenders signatory thereto. The Restated Agreement set the maximum aggregate amount that the Company can borrow under the revolving credit line at $115 million, with borrowings subject to a borrowing base determined primarily by inventory and accounts receivable. The Restated Agreement extended the scheduled maturity date from November

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

ASTRONICS CORP reported the fourth quarter of 2022 results: revenue $155 million to $160 million.

Period: the fourth quarter of 2022
Revenue: $155 million to $160 million
Result: preliminary results

Exact text from the filing

Astronics Corporation announced today that unaudited preliminary fourth quarter sales are expected to be in the range of $155 million to $160 million

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

ASTRONICS CORP reported the year results: revenue $640 million to $680 million. Guidance reaffirmed.

Period: the year
Revenue: $640 million to $680 million
Guidance: reaffirmed
Result: guidance update

Exact text from the filing

consistent with our earlier revenue guidance for the year of $640 million to $680 million

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7 debt financings filed in the last 30 days. Browse all debt financings →

ASTRONICS CORP filing history →

Source: SEC EDGAR

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