Astronics refinances debt with $200M revolver and $55M term loan, saving ~$10.5M annually

ASTRONICS CORP

Revolver expanded from $115M to $200M; $128M drawn at closing; maturity extended to July 11, 2027.
New $55M term loan at SOFR+5.50-6.75%; annual amortization reduced to ~$550K from ~$9.0M.
Estimated annual cash savings of ~$10.5M including ~$2.0M interest reduction; blended rate 9.6% vs 11.0%.
Previous $80.3M term loan repaid with ~$3.2M call premium; Q3 2024 expenses of ~$8.0M for fees and write-offs.
Covenants eased: minimum fixed charge coverage ratio 1.1x; liquidity floor of $15M or 10% of borrowing base.

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