14-Oct-2011 Source: AAR
AAR Corp announced today that it has amended its senior, unsecured credit agreement. The amendment increases the initial limit under the facility fromÂ $400 millionÂ toÂ $580 million, and can be increased toÂ $680 millionÂ under certain circumstances. Â All pricing terms under the agreement were left unchanged and certain covenants under the facility were modified to provide the Company greater flexibility.
“The amended agreement positions the Company to invest and further capitalize on growth opportunities in the markets we serve,” saidÂ Rick Poulton, Vice President and Chief Financial Officer for AAR CORP. “We are very pleased that our bank team has stepped up with such a strong vote of confidence in the Company through this up-sizing and has provided us with significant financial flexibility over the remaining four-and-a-half year term of the agreement.”
AAR is a leading provider of products and value-added services to the worldwide aerospace and government and defense industries. Â With facilities and sales locations around the world, AAR uses its close-to-the-customer business model to serve customers through four operating segments: Aviation Supply Chain; Government and Defense Services; Maintenance, Repair and Overhaul; and Structures and Systems. More information can be found atÂ www.aarcorp.com.