TORONTO, June 24 /CNW/ - Magellan Aerospace Corporation ("Magellan" or
the "Company") announces that it has amended and restated its credit agreement
with its existing lenders.
Under the terms of the amended and restated agreement, the maximum amount
available under the operating credit facility was increased by $20,000,000 to
$185,000,000 with a maturity date of May 23, 2009. The facility is extendible
for unlimited one-year renewal periods, subject to mutual consent of the
syndicate of lenders and the Corporation, and continues to be fully guaranteed
by the Chairman of the Board of the Corporation. The amended and restated
agreement eliminates all of the financial performance covenants except for a
fixed charge coverage ratio. Magellan will use a portion of the additional
credit facility capacity to retire the Bridge Loan for $15,000,000, due
July 31, 2008.
Magellan Aerospace Corporation is one of the world's most integrated and
comprehensive aerospace industry suppliers. Magellan designs, engineers, and
manufactures aeroengine and aerostructure assemblies and components for
aerospace markets, advanced products for military and space markets, and
complementary specialty products. Magellan is a public company whose shares
trade on the Toronto Stock Exchange (TSX: MAL), with operating units
throughout Canada, the United States and the United Kingdom.
Forward Looking Statements:
This press release contains information and statements of a
forward-looking nature and is based on assumptions and uncertainties as well
as on management's reasonable evaluation of future events. These statements
are not guarantees of future performance and involve risks and uncertainties
that are difficult to predict, and/or are beyond the Corporation's control. A
number of important factors could cause actual outcomes and results to differ
materially from those expressed in these forward-looking statements.
For further information:
For further information: John B. Dekker, Vice President Finance &
Corporate Secretary, (905) 677-1889 ext. 224, E: firstname.lastname@example.org