Comtech amends credit agreements, receives $35M subordinated debt infusion, gains covenant holiday until Jan 2027

COMTECH TELECOMMUNICATIONS CORP /DE/

Amendments suspend fixed charge, net leverage, and min EBITDA covenant testing until four-quarter period ending Jan 31, 2027.
$35M incremental priority subordinated term loan from existing holder; no cash interest, paid-in-kind, no make-whole premium.
Net proceeds used to prepay ~$28.5M term loans and ~$5.8M revolver; revolving commitments reduced by ~$2.1M.
Interest margins on senior term loans: 9.5% (Base Rate), 10.5% (SOFR) until covenant compliance demonstrated; then revert to 7.5-9% / 8.5-10%.
Minimum EBITDA reduced to $32.5M (Jan 2027), stepping up to $40M by Oct 2027; liquidity floor lowered to $15M from $17.5M.

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