LONGUEUIL, QC, June 17, 2021 /CNW Telbec/ - Héroux-Devtek Inc. (TSX: HRX) ("Héroux-Devtek" or the "Corporation"), a leading international manufacturer of aerospace products and the world's third-largest landing gear manufacturer, today 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.
ABOUT HÉROUX-DEVTEK
Héroux-Devtek Inc. (TSX: HRX) is an international company specializing in the design, development, manufacture, repair and overhaul of aircraft landing gear, hydraulic and electromechanical actuators, custom ball screws and fracture-critical components for the Aerospace market. The Corporation is the third-largest landing gear company worldwide, supplying both the civil and defence sectors. Approximately 90% of the Corporation's sales are outside of Canada, including about 53% in the United States. The Corporation's head office is located in Longueuil, Québec with facilities in Canada, the United States, the United Kingdom and Spain.
SOURCE Héroux-Devtek Inc.
Héroux-Devtek Inc., Stéphane Arsenault, Vice President and Chief Financial Officer, Tel.: 450-679-3330, [email protected]; Investor Relations, Hugo Delorme, Tel.: 514-700-5550, ext. 555, [email protected]
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