The Knowledge Base: The Impact of Harsh Environments on Residue Tolerance
Standard of Excellence: Hiring for Quality Positions in Manufacturing, Engineering, and Management
Global Citizenship: What I’ve Learned About the American PCB Business
Sypris Completes Refinancing and Extension of Credit Facilities
November 5, 2015 | Sypris Solutions Inc.Estimated reading time: 1 minute
Sypris Solutions, Inc. announced today the replacement of its $8.5 million line of senior credit on October 30, 2015, with a new $27.0 million loan facility, consisting of a $15.0 million revolving credit facility and a $12.0 million term loan. Both the revolving credit facility and the term loan mature in October of 2018. These agreements contain a number of covenants, borrowing base calculations, and other terms and conditions as more fully described in the Company’s Form 8-K, to be filed with the U.S. Securities and Exchange Commission tomorrow morning. In conjunction with the refinancing, the Company also retired $3.8 million of its outstanding short-term subordinated debt and extended the maturity of the remaining $5.5 million in subordinated notes to January of 2019 from April of 2016.
Commenting on the announcement, Anthony C. Allen, Vice President and Chief Financial Officer stated, “We are pleased to successfully complete another important milestone in our journey with the refinancing and extension of our credit facilities. These new commitments will enable us to now focus on growth and driving improved profitability through each of our business units.”
About Sypris Solutions
Sypris Solutions is a diversified provider of outsourced services and specialty products. The Company performs a wide range of manufacturing, engineering, design and other technical services, typically under multi-year, sole-source contracts with corporations and government agencies in the markets for truck components and assemblies and aerospace and defense electronics.
Share on:
Suggested Items
VORAGO Technologies, Collabora Partner to Advance Open Source in Space
11/25/2024 | GlobeNewswireVORAGO Technologies, a leading provider of radiation hardened and radiation tolerant MCUs and MPUs for Aerospace and Defense, and Collabora, a leader in open source software and support, announced they are partnering to advance the use of open source to achieve resilience for mission critical applications in space.
Aeluma Secures NASA Contract to Advance Quantum Dot Photonic Integrated Circuits for Aerospace and AI Applications
11/25/2024 | ACCESSWIREAeluma, Inc., a semiconductor company specializing in high-performance, scalable technologies for mobile, automotive, AI, defense and aerospace, communication and quantum computing, announced it has been awarded a contract by NASA to develop quantum dot photonic integrated circuits (PICs) on silicon.
AirBorn Announces Agreement to be Acquired by Molex
11/18/2024 | PRNewswireAirBorn, a global manufacturer of high reliability electronics and components, announced it has entered into an agreement to be acquired by Molex, a leading global connectivity and electronics solutions provider.
RTX's Collins Aerospace to Provide UK Chinook Helicopters with Interoperable Avionics System
11/12/2024 | RTXCollins Aerospace, an RTX business, has received a $19 million contract from the Department of Defense to equip a fleet of new H-47 Chinooks for the UK Royal Air Force with its Common Avionics Architecture System (CAAS) avionics management suite.
Lockheed Martin Skunk Works, the Royal Netherlands Aerospace Centre (NLR) Announce Strategic Collaboration
10/21/2024 | Lockheed MartinSkunk Works®, the renowned advanced development organization within Lockheed Martin Corporation and the Royal Netherlands Aerospace Centre (NLR), a premier knowledge institute and connecting link among science, industry, and government in the Netherlands, announced a strategic collaboration to advance mutual interests for enhanced security at the Netherlands Defense Industry Days event.