CPI Aerostructures (NYSE:CVU) Amends Credit Agreement

CPI Aerostructures, Inc. reported in an SEC filing on February 20, 2024, that the company entered into a Thirteenth Amendment to the existing Amended and Restated Credit Agreement. The agreement, dated as of March 24, 2016, with the lenders named therein and BankUnited, N.A. as Sole Arranger, Agent, and a Lender, saw amendments that are set to impact the Company’s revolving line of credit.

The key modifications under the Thirteenth Amendment involve the extension of the maturity date for the Revolving Credit Loans to August 31, 2025, and a reduction in the aggregate maximum principal amount of all Revolving Credit Loans. The reduction in principal amount is structured as follows: $19,800,000 from January 1, 2024, through March 31, 2024, with subsequent decreases to $15,480,000 thereafter. Commencing April 1, 2024, the Company is required to adhere to adjusted payment schedules.

Further details pertaining to this Thirteenth Amendment can be found in the official filing, with a complete copy attached to the Form 8-K as Exhibit 10.1.

The company stated that this brief description of the agreement is qualified in its entirety by reference to the Thirteenth Amendment. Along with the Thirteenth Amendment, an Interactive Data File is also included in the filing as Exhibit 104.

CPI Aerostructures did not include additional exhibits or schedules in accordance with Regulation S-K Item 601(a)(5), with the commitment to provide such omitted documents upon the Securities and Exchange Commission’s request.

As per requirements, the report was duly signed on February 21, 2024, on behalf of CPI Aerostructures, Inc., by Andrew Davis, the Chief Financial Officer.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read CPI Aerostructures’s 8K filing here.

About CPI Aerostructures

CPI Aerostructures, Inc engages in the contract production of structural aircraft parts for fixed wing aircraft and helicopters in the commercial and defense markets. The company offers aerostructure and aerosystem assemblies, including new production and repair/overhaul of fielded wing structures and other control surfaces, rudder island, engine inlets/nacelles, engine exhaust manifolds, aircraft doors and windows, aircraft steps and racks, other aircraft secondary structures, airborne pod structures and integration of internal systems, radar housing structures, panel assemblies, and mechanical door locking and canopy lifting systems.