Summary
Curtiss-Wright Corporation (CW) filed an 8-K on August 13, 2012, to report a significant amendment to its credit facility. The company entered into a Third Amended and Restated Credit Agreement, which notably extends the maturity date of its revolving credit facility from August 10, 2012, to August 9, 2017. This extension provides the company with extended financial flexibility and stability. Furthermore, the credit facility has been increased from $425 million to $500 million, with an accordion feature allowing for expansion up to $600 million. The amended terms maintain similar financial covenants to the prior agreement, suggesting no material increase in financial restrictions. The company intends to utilize this enhanced credit line for working capital, organic growth, potential acquisitions, and general corporate purposes, signaling a strategic approach to managing its financial resources for future development.
Key Highlights
- 1Curtiss-Wright Corporation amended its credit agreement on August 9, 2012.
- 2The maturity date of the credit facility has been extended from August 10, 2012, to August 9, 2017.
- 3The total credit facility has been increased from $425 million to $500 million.
- 4The agreement includes an accordion feature to potentially expand the credit facility to $600 million.
- 5The financial and debt covenants remain similar and are not more restrictive than the prior agreement.
- 6Proceeds from the credit line are earmarked for working capital, internal growth, potential acquisitions, and general corporate purposes.