HEICO Corporation has amended and extended its existing credit facility to a US$1.5 billion unsecured revolving credit facility with a one-year extension to its maturity date, now November 2023, with the option for an additional one-year extension. The Facility is with a banking syndicate led by Truist Bank, Bank of America and Wells Fargo Bank. Co-Syndication Agents are PNC Bank and TD Bank, and other banks participating are Capital One, Fifth Third Bank, J.P. Morgan Chase Bank, and U.S. Bank as co-documentation agents, as well as Citibank, Synovous Bank, IberiaBank, and BankUnited.
The record facility for HEICO may be increased to US$1.85 billion under certain circumstances and amends the Company’s existing US$1.3 billion revolving credit facility. HEICO’s Facility, which is available for general corporate purposes, will principally be used to fund acquisitions. Laurans A. Mendelson, HEICO’s Chairman & Chief Executive Officer, along with Co-Presidents, Eric A. Mendelson and Victor H. Mendelson remarked, “Despite the pandemic’s complications, HEICO’s solid financial performance and strong credit profile enabled us to significantly expand our existing credit facility and extend the maturity by an additional year. The increased financial commitments, along with the Facility’s longer duration, will help us to continue making acquisitions and execute our strategic goals, while maintaining a low cost of capital.”
HEICO Corporation is engaged primarily in the design, production, servicing and distribution of products and services to certain niche segments of the aviation, defense, space, medical, telecommunications and electronics industries through its Hollywood, Florida-based Flight Support Group and its Miami, Florida-based Electronic Technologies Group.Email Post to a Friend