Sypris Solutions announced the replacement of its $8.5 million line of senior credit with a new $27.0 million loan facility, consisting of a $15.0 million revolving credit facility and a $12.0 million term loan. Both the revolving credit facility and the term loan mature in October 2018.

According to a related 8-K filing, Siena Lending Group was said to have provided the $15 million revolver and Great Rock Capital Partners providing the $12 million term loan. The filing also revealed the two new financing arrangements replaced the company’s revolving credit agreement with PNC Bank that matured on October 30, 2015.

In conjunction with the refinancing, the company said it also retired $3.8 million of its outstanding short-term subordinated debt and extended the maturity of the remaining $5.5 million in subordinated notes to January of 2019 from April of 2016.

Commenting on the announcement, Anthony C. Allen, vice president and chief financial officer stated, “We are pleased to successfully complete another important milestone in our journey with the refinancing and extension of our credit facilities. These new commitments will enable us to now focus on growth and driving improved profitability through each of our business units.”

Sypris Solutions is a diversified provider of outsourced services and specialty products. The Company performs a wide range of manufacturing, engineering, design and other technical services, typically under multi-year, sole-source contracts with corporations and government agencies in the markets for truck components and assemblies and aerospace and defense electronics.