CPI Aerostructures, Sovereign Amend Agreement for New Term Loan
CPI Aerostructures, Inc. (CPI Aero) announced that it has entered into an eighth amendment to its credit agreement with Sovereign Bank, providing CPI Aero with an additional term loan in the principal amount of $4.5 million to be amortized over five years.
The term loan is for the purpose of purchasing tooling and equipment.
CPI Aero is engaged in the contract production of structural aircraft parts for leading prime defense contractors, the U.S. Air Force, and other branches of the armed forces. CPI Aero also acts as a subcontractor to prime aircraft manufacturers in the production of commercial aircraft parts.
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