Air Industries Group Announces Expansion and Extension of Credit Facility
November 29 2021 - 4:30PM
Business Wire
Air Industries Group (NYSE AMEX:
AIRI):
Air Industries Group (“Air Industries” or the “Company”), an
integrated manufacturer of precision assemblies and components for
leading aerospace and defense prime contractors, today announced
that Sterling National Bank (“Sterling National”) has agreed to
expand the size of and extend the maturity of its Revolving Credit
Facility and Term Loan.
The revolving credit facility increased by 25%, or $4 million,
from its current $16 million limit to $20 million. The inventory
sublimit of the revolving credit facility also increased by $3
million, to $14 million.
The maturity dates of both the revolving credit facility and
term loan have been extended by three years, from December 31, 2022
to December 31, 2025.
Sterling National has also agreed, subject to certain
limitations, to allow Air Industries to begin amortizing part of
its subordinated debt. Reducing the Company’s subordinated debt
will reduce interest expense and increase net income.
Mr. Lou Melluzzo, CEO of Air Industries, commented: “Sterling
National Bank’s actions are a strong vote of confidence in our
Company and its prospects for the future. Sterling National became
our bank on January 1, 2020, and has been supportive of Air
Industries throughout all the challenges of the pandemic. Late last
year Sterling National increased our term loan, enabling us to
complete our significant investment in new equipment and
machinery.
“We are very pleased with the expansion of our credit facility
and are confident that it will allow sufficient liquidity for our
anticipated continued growth of revenues and profits. The extension
of the maturity to year-end 2025 – more than four-years away – is
very reassuring.”
ABOUT AIR INDUSTRIES GROUP
Air Industries Group (AIRI) is an integrated manufacturer of
precision equipment assemblies and components for leading aerospace
and defense prime contractors. Additional information about the
Company can be found in its filings with the SEC.
Forward Looking Statements
Certain matters discussed in this press release are
'forward-looking statements' intended to qualify for the safe
harbor from liability established by the Private Securities
Litigation Reform Act of 1995. In particular, the Company's
statements regarding trends in the marketplace, future revenues,
earnings and Adjusted EBITDA, the ability to realize firm backlog
and projected backlog, cost cutting measures, potential future
results and acquisitions, are examples of such forward-looking
statements. The forward-looking statements are subject to numerous
risks and uncertainties, including, but not limited to, the timing
of projects due to variability in size, scope and duration, the
inherent discrepancy in actual results from estimates, projections
and forecasts made by management, regulatory delays, changes in
government funding and budgets, and other factors, including
general economic conditions, not within the Company's control. The
factors discussed herein and expressed from time to time in the
Company's filings with the Securities and Exchange Commission could
cause actual results and developments to be materially different
from those expressed in or implied by such statements. The
forward-looking statements are made only as of the date of this
press release and the Company undertakes no obligation to publicly
update such forward-looking statements to reflect subsequent events
or circumstances.
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version on businesswire.com: https://www.businesswire.com/news/home/20211129005722/en/
Air Industries Group Investor Relations Michael Recca - CFO
631.328.7079 ir@airindustriesgroup.com
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