Wesco Aircraft Holdings, Inc. (NYSE:WAIR) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 >Entry into a Material Definitive Agreement.
Wesco Aircraft Holdings, Inc. (Wesco) and certain of Wescos
subsidiaries entered into the Fifth Amendment to Credit Agreement
(the Amendment) to the credit agreement, dated as of December 7,
2012, by and among Wesco, the Borrower, Barclays Bank PLC
(Barclays), as administrative agent, collateral agent, issuing
lender and swingline lender, and the other lenders and agents
party thereto (as amended, restated, supplemented or otherwise
modified from time to time, the Credit Agreement).
amount permitted to be incurred under a Capped Incremental
Facility (as such term is defined in the Credit Agreement) from
$150 million to $75 million, unless the Consolidated Total
Leverage Ratio (as such term is defined in the Credit Agreement),
after giving effect to the incurrence of any incremental loans or
commitments and the use of proceeds thereof, on a pro forma
basis, would be less than or equal to 3.50:1.00, in which case
the Capped Incremental Facility will remain $150 million.
the highest possible interest rate margin applicable to loans
under Wescos term loan A facility and loans and commitments under
Wescos revolving facility from 2.75% to 3.00% for Eurocurrency
loans and from 1.75% to 2.00% for ABR loans and (b) increase the
Consolidated Total Leverage Ratio (as such term is defined in the
Credit Agreement) levels in the financial covenant set forth in
the Credit Agreement to a maximum of 4.60:1.00 for the quarter
ending March 31, 2017, with step-downs to 4.50:1.00 for the
quarters ending June 30, 2017 and September 30, 2017, 4.25:1.00
for the quarters ending December 31, 2017 and March 31, 2018,
4.00:1.00 for the quarters ending June 30, 2018 and September 30,
2018, 3.75:1.00 for the quarters ending December 31, 2018 and
March 31, 2019 and 3.50:1.00 for the quarter ending June 30, 2019
and thereafter. As of December 31, 2016, Wesco was in compliance
with the foregoing covenant, and Wescos Consolidated Total
Leverage Ratio was 4.19.
This summary of the Amendment and the Credit Agreement (as
amended by the Amendment) does not purport to be a complete
description and is qualified in its entirety by reference to the
full text of the Amendment, which is filed as Exhibit 10.1 hereto
and incorporated herein by reference.
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Exhibit
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Description
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10.1
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Fifth Amendment to Credit Agreement, dated as of March
28, 2017, by and among Wesco Aircraft Holdings, Inc., Wesco Aircraft Hardware Corp., the other subsidiaries party thereto, Barclays Bank PLC, as administrative agent and collateral agent, and the lenders party thereto |
About Wesco Aircraft Holdings, Inc. (NYSE:WAIR)
Wesco Aircraft Holdings, Inc. is a distributor and provider of supply chain management services to the global aerospace industry. The Company operates through two segments: North America and Rest of World. As of September 30, 2016, the Company supplied over 565,000 active stock-keeping units (SKUs), including C-class hardware, chemicals, electronic components, bearings, tools and machined parts. The Company’s products include Hardware, Chemicals, Electronic Components, Bearings and Other Products. Its Services include Quality Assurance, Kitting and JIT Supply Chain Management. It caters to commercial, military and general aviation sectors, including the original equipment manufacturers (OEMs) and their subcontractors, through which it supports various Western aircraft programs, and also sells products to airline-affiliated and independent maintenance, repair and overhaul (MRO) providers. It also services industrial customers. Wesco Aircraft Holdings, Inc. (NYSE:WAIR) Recent Trading Information
Wesco Aircraft Holdings, Inc. (NYSE:WAIR) closed its last trading session up +0.30 at 11.45 with 557,981 shares trading hands.