COMTECH TELECOMMUNICATIONS CORP /DE/ (CMTL): debt financing — Comtech secures $40M subordinated debt, waives credit defaults, exchanges preferred shares

COMTECH TELECOMMUNICATIONS CORP /DE/

Waived defaults under credit agreement for Q2 fiscal 2025 (Net Leverage and Fixed Charge covenants).
Received $40M incremental subordinated unsecured term loan; used $27.3M to repay Term Loans and $9.1M to repay Revolving Loans; revolver commitments reduced by $3.2M.
Reduced interest rate margin on Term Loans from 13.00% to 10.50% (SOFR) until post-Oct 31, 2025 compliance test; minimum liquidity reduced to $17.5M.
Exchanged all outstanding Series B-2 Convertible Preferred Stock for Series B-3 shares (with same $7.99 conversion price) and issued additional shares; no cash proceeds.
Director David B. Kagan resigned effective Feb 28, 2025, not due to any disagreement.

item 1.01 item 1.02 item 2.03 item 3.02 item 3.03 item 5.02 item 5.03 item 9.01

Executive movements

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Departed

David B. Kagan

Director

CMTL · COMTECH TELECOMMUNICATIONS CORP /DE/

Effective: 2025-02-28
Filed: March 4, 2025, 6:59 PM ET

On February 28, 2025, David B. Kagan notified the Company of his resignation as a member of the Company’s Board of Directors, effective February 28, 2025.

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

COMTECH TELECOMMUNICATIONS CORP /DE/ amended credit facility with TCW Asset Management Company LLC, Wingspire Capital LLC at reduced from 13.00% to 10.50% per annum for SOFR Loans.

Instrument: credit facility
Counterparty: TCW Asset Management Company LLC, Wingspire Capital LLC
Rate: reduced from 13.00% to 10.50% per annum for SOFR Loans
Event: amendment

Exact text from the filing

The Amended Credit Agreement provides that the interest rate margins on the Term Loans are reduced from 13.00% to 10.50% per annum for SOFR Loans until the first business day of the month following October 31, 2025

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

COMTECH TELECOMMUNICATIONS CORP /DE/ incurred term loan of $40.0 million.

Instrument: term loan
Principal: $40.0 million
Event: incurrence

Exact text from the filing

Amendment No. 1 provides for an incremental subordinated unsecured term loan facility in the aggregate principal amount of $40.0 million (the “ Incremental Subordinated Credit Facility ”).

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Executive change SEC 8-K Item 5.02 confidence 0.95

David B. Kagan resigned as Director at COMTECH TELECOMMUNICATIONS CORP /DE/.

Action: resigned
Role: Director

Exact text from the filing

On February 28, 2025, David B. Kagan notified the Company of his resignation as a member of the Company’s Board of Directors, effective February 28, 2025.

View on SEC.gov

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Source: SEC EDGAR

accession 0001104659-25-020043

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