Great Rock Capital Agents $90 Million Term Loan with Astronics Corporation

Rhea-AI Summary

Great Rock Capital announced the closing of a $90 million senior secured term loan facility with Astronics Corporation (NASDAQ: ATRO) on January 19, 2023. This financing will enhance Astronics' liquidity and enable the company to capitalize on growth opportunities in the aerospace and defense industries as they recover from the impacts of Covid-19. Peter Gundermann, CEO of Astronics, highlighted the financial partnership's alignment with their business model and growth trajectory. The loan aims to support the development of mission-critical technologies for a diverse customer base.

Positive

• Secured a $90 million term loan to enhance liquidity.
• Supports growth in the recovering aerospace and defense sectors.
• Financial partnership viewed positively by management.

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• None.

Provides additional capital to support increasing demand

WESTPORT, Conn., Feb. 14, 2023 /PRNewswire/ -- Great Rock Capital, an asset-focused commercial finance company specializing in middle market lending, today announced the January 19, 2023, closing of a $90 million senior secured term loan facility with Astronics Corporation ("Astronics"), an aerospace electronics corporation that provides advanced technologies to the world's aerospace, defense, and other mission critical industries.  Astronics (Nasdaq: ATRO) is a publicly traded company on the Nasdaq stock exchange.

Great Rock Capital served as the lead arranger for the term loan and partnered with the revolver agent, a leading commercial banking institution, to create a financing structure that will maximize the company's liquidity.  Blue Torch Capital partnered with Great Rock in the term loan facility.

"We are excited about our new financial partnership with Great Rock. Their team really understood the intrinsic value of our business model and created a financial solution that maximized the value of our fixed assets," commented Peter Gundermann, Chairman, President, and CEO of Astronics. "This additional liquidity will allow us to capitalize on opportunities to accelerate our growth as the aerospace and other critical industries we serve continue to rapidly emerge from Covid-19."

"We are proud to partner with the entire Astronics team as they continue to develop cutting edge technologies and mission-critical products for the company's widely diversified customer base," said Stuart Armstrong, CEO of Great Rock Capital. "Astronics is on a clear long-term growth trajectory, and we are excited to play a role in their continued success." 

About Great Rock Capital
Great Rock Capital is an asset-focused commercial finance company that specializes in serving the needs of middle market companies across the United States and Canada.  The Company provides fast, flexible, and creative financing solutions that maximize liquidity and provide growth capital.    The senior secured credit facilities offered by the firm range in size from $10MM to $75MM and include working capital, term-heavy, and term-only loan structures not provided by traditional commercial lenders.  The firm has significant capital commitments from its partners, an industry-leading private equity group and a large institutional investor. To learn more, visit www.greatrockcapital.com.

About Astronics Corporation
Astronics Corporation (Nasdaq: ATRO) serves the world's aerospace, defense, and other mission critical industries with proven, innovative technology solutions.  Astronics works side-by-side with customers, integrating its array of power, connectivity, lighting, structures, interiors, and test technologies to solve complex challenges.  For over 50 years, Astronics has delivered creative, customer-focused solutions with exceptional responsiveness.  Today, global airframe manufacturers, airlines, militaries, completion centers and Fortune 500 companies rely on the collaborative spirit and innovation of Astronics.  The Company's strategy is to increase its value by developing technologies and capabilities that provide innovative solutions to its targeted markets.  For more information on Astronics and its solutions, visit Astronics.com.  

Great Rock Capital Contact:
Jenn Cronin
Managing Director, Marketing and Business Development
(203) 557- 6277
cronin@greatrockcapital.com

 

View original content:https://www.prnewswire.com/news-releases/great-rock-capital-agents-90-million-term-loan-with-astronics-corporation-301746353.html

SOURCE Great Rock Capital

FAQ

What is the significance of the $90 million loan for Astronics (ATRO)?

The $90 million loan enhances Astronics' liquidity, allowing the company to capitalize on growth opportunities in the aerospace and defense sectors.

When was the loan facility for Astronics (ATRO) closed?

The loan facility was closed on January 19, 2023.

Who arranged the $90 million loan for Astronics (ATRO)?

Great Rock Capital served as the lead arranger for the $90 million loan facility.

How will the loan impact Astronics' operations?

The loan will provide additional liquidity, which Astronics aims to use for growth opportunities in critical industries recovering from Covid-19.