Sovereign Bank, Valley National Bank Amend CPI Aero Facility
CPI Aerostructures announced that it has amended its existing credit agreement to increase revolving credit commitments from $17 million to $35 million and to continue a $3.9 million principal balance term loan.
The revolving credit line was extended four years until December 5, 2016. The facility permits CPI Aero to request increases in revolving credit commitments to up to $50 million in aggregate. Valley National Bank joined Sovereign Bank as a lender under the facility.
Edward J. Fred, CPI Aero president and CEO stated, “We are pleased to have Sovereign Bank once again participate in the company’s growth and be our partner as we look to expand our business further. We are also excited to have Valley National Bank join this lending team and look forward to a long and fruitful relationship with them, as we have experienced with Sovereign Bank.”
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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