Effective as of May 5, 2017, except as otherwise stated in the amendment, IEC Electronics Corp. (the “Company”) and Manufacturers and Traders Trust Company (“M&T Bank”) entered into the Third Amendment to Fifth Amended and Restated Credit Facility Agreement (the “Third Amendment”), that amended the Fifth Amended and Restated Credit Facility Agreement dated as of December 14, 2015 between M&T Bank and the Company, as amended by the First Amendment to Fifth Amended and Restated Credit Facility Agreement dated as of June 20, 2016, and the Second Amendment to Fifth Amended and Restated Credit Facility Agreement dated as of November 28, 2016 (collectively, the “Credit Agreement”). The Third Amendment extended the Revolving Credit Termination Date to May 5, 2022. In connection with the Third Amendment, the Company issued the Term Loan B Note to M&T Bank (the “Term Loan B Note”), that amended and restated the Amended and Restated Term Loan B Note dated December 14, 2015. The Third Amendment revised certain covenants to provide that the Company may use Revolving Credit Loan proceeds to refinance existing indebtedness. As a result, the Term Loan B Note, which matures on May 5, 2022, now has a principal amount of $6.0 million.

to the Third Amendment, certain financial covenants of the credit facility were eliminated or diminished effective as of March 31, 2017 including the Maximum Inventory Covenant, debt to EBITDAS ratios, the Maximum Capital Expenditures limit after the fiscal year ending September 30, 2017, and future requirements of Minimum Quarterly EBITDAS except for the fiscal quarter ending June 30, 2017. The Third Amendment also modified the definitions of Applicable Margin and Applicable Unused Fee to provide that each is calculated using the applicable Fixed Charge Coverage Ratio, as redefined by the Third Amendment. The Third Amendment established a Borrowing Base computed using monthly Borrowing Base Reports that, if inaccurate, allow M&T Bank, in its discretion, to suspend the making of or limit Revolving Credit Loans. Further, the Third Amendment provides for the Company’s repurchase of its common stock under certain circumstances without M&T Bank’s prior written consent.

Terms used herein and otherwise undefined have the meanings given them in the Third Amendment.

The foregoing summary of the Third Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Third Amendment intended to be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2017.

About IEC ELECTRONICS CORP. (NYSEMKT:IEC)

IEC Electronics Corp. provides electronic manufacturing services (EMS) to a range of technology companies that produce life-saving and mission critical products for the medical, industrial, aerospace and defense sectors. The Company specializes in delivering technical solutions for the custom manufacture of full system assemblies by providing on-site analytical testing laboratories, custom design and test engineering services combined with an array of manufacturing services encompassing electronics, interconnect solutions and precision metalworking. It offers its customers a range of manufacturing services, combined with scientific technical support to ensure their products perform for the critical applications they are intended for. Its products are distributed to and through original equipment manufacturers (OEMs). Its capabilities include design and test development, analysis and testing laboratory, custom functional test design and component risk mitigation.

IEC ELECTRONICS CORP. (NYSEMKT:IEC) Recent Trading Information

IEC ELECTRONICS CORP. (NYSEMKT:IEC) closed its last trading session down -0.01 at 3.73 with 6,706 shares trading hands.