Comtech closes divestiture of PST product line to Stellant for $32.5M; proceeds used to reduce debt

COMTECH TELECOMMUNICATIONS CORP /DE/

Net cash proceeds of $32.5M from sale of PST product line to Stellant (Arlington Capital Partners portfolio company).
Proceeds used to pay down outstanding debt on amended credit facility.
Entered Third Amended Credit Agreement: revolving commitments drop to $140M after Jan 1, 2024; quarterly reductions of $5M thereafter.
Amended Certificate of Designations for Series A Convertible Preferred Stock to reference new credit facility.

item 1.01 item 7.01 item 2.03 item 5.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

COMTECH TELECOMMUNICATIONS CORP /DE/: Amended the Certificate of Designations of Series A Convertible Preferred Stock to update definition of 'Existing Credit Agreement' to reference the Amended Credit Facility (effective 2023-11-07).

Change: charter amendment
Effective: 2023-11-07

Exact text from the filing

Effective November 7, 2023, in connection with: (i) the closing of the PST Sale (as defined in Item 7.01 below) and (ii) entering into the Amended Credit Facility, Comtech and the holders of the Company’s Series A Convertible Preferred Stock entered into the Second Amended and Restated Certificate of Designations of Series A Convertible Preferred Stock of Comtech to modify the defined term “Existing Credit Agreement” to mean the Amended Credit Facility.

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COMTECH TELECOMMUNICATIONS CORP /DE/ filing history →

Source: SEC EDGAR

accession 0001104659-23-115298

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