Summary
Curtiss-Wright Corporation (CW) has filed an 8-K report on August 14, 2007, detailing a significant amendment to its credit facility. The company entered into a Second Amended and Restated Credit Agreement on August 10, 2007, which enhances its financial flexibility. This amendment is a positive development for investors as it demonstrates the company's ability to secure improved financing terms and extends its access to capital. The key changes include an extension of the credit facility's maturity date to August 10, 2012, and an increase in the total borrowing capacity from $400 million to $425 million, with an accordion feature allowing for expansion up to $600 million. Additionally, the agreement offers improved pricing terms and reduced facility fees, indicating a potentially more favorable cost of capital for the company. The increased availability for letters of credit also provides greater operational flexibility.
Key Highlights
- 1Curtiss-Wright Corporation (CW) amended its credit facility, extending the maturity date to August 10, 2012.
- 2The total credit facility size was increased from $400 million to $425 million.
- 3The agreement includes an accordion feature, allowing the credit facility to expand up to $600 million.
- 4Improved pricing terms and reduced facility fees were secured under the Second Amended and Restated Credit Agreement.
- 5Increased availability for letters of credit was granted.
- 6The amendment signifies enhanced financial flexibility and access to capital for the company.