Karman Space & Defense Announces Successful Refinancing and Extension of its Credit Facilities under New Credit Agreement
Karman Space & Defense (NYSE: KRMN), a provider of engineered subsystems for missile, uncrewed aircraft, and space systems, has successfully completed a major refinancing transaction. The new credit facilities include a $300 million Term Loan B maturing in April 2032 and an undrawn $50 million Revolving Credit Facility expiring in April 2030.
The refinancing significantly extends maturity dates and reduces interest expense, with the Term Loan B priced at SOFR + 3.50% and the Revolving Credit Facility at SOFR + 2.75% to 3.25%. This represents a 275 basis points reduction in interest rates, resulting in over $8 million in annual interest expense savings compared to the previous term loan.
Karman Space & Defense (NYSE: KRMN), un fornitore di sottosistemi ingegnerizzati per missili, aerei senza pilota e sistemi spaziali, ha completato con successo una significativa operazione di rifinanziamento. Le nuove linee di credito includono un prestito a termine B di 300 milioni di dollari con scadenza ad aprile 2032 e una linea di credito revolving non utilizzata di 50 milioni di dollari in scadenza ad aprile 2030.
Il rifinanziamento estende significativamente le date di scadenza e riduce le spese per interessi, con il prestito a termine B fissato a SOFR + 3,50% e la linea di credito revolving a SOFR + 2,75% a 3,25%. Questo rappresenta una riduzione di 275 punti base nei tassi di interesse, portando a oltre 8 milioni di dollari di risparmi annuali sulle spese per interessi rispetto al precedente prestito a termine.
Karman Space & Defense (NYSE: KRMN), un proveedor de subsistemas diseñados para misiles, aeronaves no tripuladas y sistemas espaciales, ha completado con éxito una importante transacción de refinanciamiento. Las nuevas facilidades de crédito incluyen un préstamo a plazo B de 300 millones de dólares que vence en abril de 2032 y una línea de crédito revolvente no utilizada de 50 millones de dólares que expira en abril de 2030.
El refinanciamiento extiende significativamente las fechas de vencimiento y reduce los gastos por intereses, con el préstamo a plazo B fijado en SOFR + 3,50% y la línea de crédito revolvente en SOFR + 2,75% a 3,25%. Esto representa una reducción de 275 puntos básicos en las tasas de interés, lo que resulta en más de 8 millones de dólares en ahorros anuales en gastos por intereses en comparación con el préstamo a plazo anterior.
Karman Space & Defense (NYSE: KRMN), 미사일, 무인 항공기 및 우주 시스템을 위한 엔지니어링 서브시스템 제공업체가 주요 재융자 거래를 성공적으로 완료했습니다. 새로운 신용 시설에는 3억 달러의 만기 2032년 4월인 기한부 대출 B와 5천만 달러의 미사용 회전 신용 시설이 포함되어 있으며, 이는 2030년 4월에 만료됩니다.
재융자는 만기일을 크게 연장하고 이자 비용을 줄이며, 기한부 대출 B의 가격은 SOFR + 3.50%, 회전 신용 시설은 SOFR + 2.75%에서 3.25%입니다. 이는 이자율이 275 베이시스 포인트 감소한 것으로, 이전 기한부 대출에 비해 연간 800만 달러 이상의 이자 비용 절감 효과를 가져옵니다.
Karman Space & Defense (NYSE: KRMN), un fournisseur de sous-systèmes conçus pour les missiles, les aéronefs sans pilote et les systèmes spatiaux, a réussi à finaliser une opération de refinancement majeure. Les nouvelles facilités de crédit comprennent un prêt à terme B de 300 millions de dollars arrivant à échéance en avril 2032 et une facilité de crédit revolving non utilisée de 50 millions de dollars expirant en avril 2030.
Le refinancement prolonge considérablement les dates d'échéance et réduit les frais d'intérêt, le prêt à terme B étant fixé à SOFR + 3,50% et la facilité de crédit revolving à SOFR + 2,75% à 3,25%. Cela représente une réduction de 275 points de base des taux d'intérêt, entraînant plus de 8 millions de dollars d'économies annuelles sur les frais d'intérêt par rapport au prêt à terme précédent.
Karman Space & Defense (NYSE: KRMN), ein Anbieter von entwickelten Teilsystemen für Raketen, unbemannte Flugzeuge und Weltraumsysteme, hat erfolgreich eine bedeutende Refinanzierungstransaktion abgeschlossen. Die neuen Kreditfazilitäten umfassen ein Term Loan B über 300 Millionen Dollar, das im April 2032 fällig wird, sowie eine nicht in Anspruch genommene Revolving Credit Facility über 50 Millionen Dollar, die im April 2030 ausläuft.
Die Refinanzierung verlängert die Fälligkeiten erheblich und senkt die Zinskosten, wobei das Term Loan B zu SOFR + 3,50% und die Revolving Credit Facility zu SOFR + 2,75% bis 3,25% festgesetzt ist. Dies entspricht einer Senkung der Zinssätze um 275 Basispunkte, was zu über 8 Millionen Dollar an jährlichen Zinskosteneinsparungen im Vergleich zum vorherigen Term Loan führt.
- Interest expense reduction of $8+ million annually
- 275 basis points reduction in interest rates
- Significant extension of debt maturity dates to 2030-2032
- Enhanced financial flexibility for growth and acquisitions
- Substantial debt load with $300 million Term Loan B
- Continued interest rate exposure with variable SOFR-based pricing
“This refinancing transaction represents another important step forward for Karman, strengthening our balance sheet and providing us with significant flexibility to support organic growth and strategic acquisitions,” said Mike Willis, Chief Financial Officer of Karman Space & Defense. “We support a large and diverse portfolio of customers and programs that align well with the
The new credit facilities include a
ABOUT KARMAN SPACE & DEFENSE
We specialize in the design, testing, volume manufacturing, and sale of highly engineered, mission-critical subsystems for advanced missile, uncrewed aircraft, and space systems. Our customers choose our integrated payload protection, propulsion, and interstage system solutions to deliver mission success across a diverse set of existing and emerging programs supporting high-priority defense and commercial space sector initiatives. For more information, visit Karman-SD.com.
Forward-Looking Statements
This announcement may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend all forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the fact that they do not relate strictly to historical or current facts and by the use of forward-looking words such as “expect,” “expectation,” “believe,” “anticipate,” “may,” “could,” “intend,” “belief,” “plan,” “estimate,” “target,” “predict,” “likely,” “seek,” “project,” “model,” “ongoing,” “will,” “should,” “forecast,” “outlook” or similar terminology. These statements are based on and reflect our current expectations, estimates, assumptions and/ or projections, our perception of historical trends and current conditions, as well as other factors that we believe are appropriate and reasonable under the circumstances. Forward-looking statements are neither predictions nor guarantees of future events, circumstances or performance and are inherently subject to known and unknown risks, uncertainties and assumptions that could cause our actual results to differ materially from those indicated by those statements. There can be no assurance that our expectations, estimates, assumptions and/or projections, including with respect to the future earnings and performance or capital structure of Karman, will prove to be correct or that any of our expectations, estimates or projections will be achieved.
Numerous factors could cause our actual results and events to differ materially from those expressed or implied by forward-looking statements, including the factors described in the filings we make with the SEC from time to time and, without limitation, that a significant portion of our revenue is generated from contracts with
The forward-looking statements included in this announcement are only made as of the date of this announcement. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable law.
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Investor contact:
Steven Gitlin
investors@karman-sd.com
Media contact:
press@karman-sd.com
Source: Karman Space & Defense
FAQ
How much will Karman Space & Defense (KRMN) save annually from the new refinancing?
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