Comtech to become pure-play satellite co; exploring T&W sale; gets $25M sub debt, waives covenants

COMTECH TELECOMMUNICATIONS CORP /DE/

Board exploring strategic alternatives for Terrestrial & Wireless Networks segment; process underway with Imperial Capital.
Entered $25M subordinated unsecured term loan with preferred holders; amended credit facility waives Q4 covenant defaults.
Exiting UK subsidiary in Basingstoke; expects ~$10M annual cash savings after restructuring charges.
Reports significantly lower-than-expected Q4 performance, primarily in Satellite & Space Communications segment; delayed 10-K.
Exchanged Series B-1 preferred for Series B-2 with modified terms; added 3,436 shares for Magnetar and White Hat.

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