SunTrust, Others Extend HEICO Credit Facility
HEICO Corporation announced that it extended its $670 million revolving credit facility until December 2017, which is an additional year beyond the previous 2016 expiration date. Further, certain other covenants were amended to provide additional financial flexibility.
The facility is lead-managed by SunTrust Bank, Bank of America and Wells Fargo Bank. The company entered into the facility in December 2011 as a replacement to its prior $300 million revolving credit line and it utilizes the facility for acquisitions and other corporate needs.
Laurans A. Mendelson, HEICO’s chairman and CEO, along with co-presidents, Eric A. Mendelson and Victor H. Mendelson, remarked “HEICO’s success and financial strength, coupled with a very strong group of lenders, allowed us to enter into this extension. The extension provides the company with more flexibility and certainty into the future.”
HEICO is engaged primarily in certain niche segments of the aviation, defense, space, medical, telecommunications and electronics industries through its Hollywood, FL-based Flight Support Group and its Miami, FL-based Electronic Technologies Group.