Air Industries expands term loan by $1.6M, relaxes covenants with Webster Bank

AIR INDUSTRIES GROUP

Relaxed financial covenants, permitted subordinated debt repayment, expanded Term Loan by ~$1.6M.
Funds to purchase two new machines costing ~$1.9M to double production capacity for CH-53K helicopter components.
Investment supports recently announced $33M contract and aims to increase throughput.
Loan facility with Webster Bank matures end of 2025; extension negotiations begin Q2 2025.
CEO expressed high confidence in successfully extending the loan facility.

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