Héroux-Devtek announces the extension of its credit facilities
by CM Staff
In addition, the fully-drawn $75-million Term Loan Facility has been extended three years from the initial term and now matures in September 2028.
LONGUEUIL — On June 18, Héroux-Devtek Inc., an international manufacturer of aerospace products and a landing gear manufacturer, announced the extension of its Senior Secured Syndicated Revolving Credit Facility (Revolving Facility), and of its Unsecured Subordinated Term Loan Facility (Term Loan Facility) with the Fonds de solidarité FTQ.
Héroux-Devtek’s $250-million Revolving Facility has been extended to a new five-year term, maturing in June 2026. Aside from the 18-month extension, the accordion feature, which allowed the Corporation to draw an additional $100 million subject to lenders’ approval, has been increased to $200 million. National Bank Financial Markets acted as Lead Arranger and Sole Bookrunner for the financing and National Bank of Canada acts as Administrative Agent.
In addition, the fully-drawn $75-million Term Loan Facility has been extended three years from the initial term and now matures in September 2028.
Together with available liquidity totaling $278 million as at March 31, 2021, the accordion feature would allow the Corporation to deploy nearly $500 million with no major capital repayments until June 2026.
“I would like to thank our financial partners for their commitment and this demonstration of their support for our strategic plan. These agreements further strengthen our financial position and provide us with the flexibility to capture any growth opportunities that arise,” said Mr. Stéphane Arsenault, Vice-President and CFO of Héroux-Devtek.
