BAY SHORE, N.Y.–(BUSINESS WIRE)–Air Industries Group (NYSE AMEX: AIRI): an integrated manufacturer of precision assemblies and components for leading aerospace and defense prime contractors, today announced that Sterling National Bank (“Sterling National”) has agreed to expand the size of and extend the maturity of its Revolving Credit Facility and Term Loan.
The revolving credit facility increased by 25%, or $4 million, from its current $16 million limit to $20 million. The inventory sublimit of the revolving credit facility also increased by $3 million, to $14 million.
The maturity dates of both the revolving credit facility and term loan have been extended by three years, from December 31, 2022 to December 31, 2025.
Sterling National has also agreed, subject to certain limitations, to allow Air Industries to begin amortizing part of its subordinated debt. Reducing the Company’s subordinated debt will reduce interest expense and increase net income.
Mr. Lou Melluzzo, CEO of Air Industries, commented: “Sterling National Bank’s actions are a strong vote of confidence in our Company and its prospects for the future. Sterling National became our bank on January 1, 2020, and has been supportive of Air Industries throughout all the challenges of the pandemic. Late last year Sterling National increased our term loan, enabling us to complete our significant investment in new equipment and machinery.
“We are very pleased with the expansion of our credit facility and are confident that it will allow sufficient liquidity for our anticipated continued growth of revenues and profits. The extension of the maturity to year-end 2025 – more than four-years away – is very reassuring.”
ABOUT AIR INDUSTRIES GROUP
Air Industries Group (AIRI) is an integrated manufacturer of precision equipment assemblies and components for leading aerospace and defense prime contractors. Additional information about the Company can be found in its filings with the SEC.