Wells Fargo, Guggenheim Agent Financing for API Technologies
API Technologies entered into a credit agreement for a $50 million revolving borrowing base credit facility with Wells Fargo Bank, as administrative agent, upon which the company drew $29.4 million at closing.
Additionally, the company entered into a separate credit agreement with Guggenheim Corporate Funding as administrative agent, which provides for a $165 million term loan facility.
Proceeds from these two facilities were used to pay in full the company’s existing credit facility, certain indebtedness in the UK and to pay fees, costs and expenses associated with the refinancing.
Bel Lazar, president and chief executive officer of API Technologies said, “We are pleased to announce the repayment of our original term loan and the entry into a new credit facility led by our largest lender, Guggenheim. We appreciate Guggenheim’s continued support of our growth plan as we continue our review of strategic options.”
API Technologies designs, develops and manufactures electronic systems, subsystems, RF and secure solutions for technically demanding defense, aerospace and commercial applications.