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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.