PNC Bank Increases GA Telesis Facility by $50MM
GA Telesis announced that it increased its syndicated credit facility by $50 million to $150 million. Led by PNC Bank the facility has two remaining years of a three-year term and has participation from a total of six global and regional banks. It provides the company with additional financial resources at cost efficient and flexible terms to support the company’s growth.
Abdol Moabery, president and CEO of GA Telesis, said: “The PNC team did a great job executing the increase in which all members of the syndication increased their pro-rated participation. We are excited about our ability to continue to expand upon our business plan and continue to work with a highly supportive group of lenders.”
The larger credit facility has the same terms and conditions. This larger facility with a group of global partners reflects both the international profile of GA Telesis and the confidence that the financial market has in the company’s plans for growth.
GA Telesis provides support services to the commercial and defense aerospace industries.