secwatch.observer — SEC 8-K summary
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Issuer:     ASTRONICS CORP (ATRO)
CIK:        0000008063
Form:       8-K
Filed at:   2024-07-11T23:59:59+00:00
Accession:  0000008063-24-000040
Event type: debt
Sentiment:  positive
Materiality: 0.75
Item codes: 1.01, 1.02, 2.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/8063/000000806324000040/0000008063-24-000040-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/8063/000000806324000040/atro-20240711.htm
  HTML page:      https://secwatch.observer/filing/0000008063-24-000040

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