HEICO Corporation Announces New $670 Million Credit Facility

HEICO Corporation

has entered into a new $670 million senior unsecured revolving credit facility with a banking syndicate led by SunTrust Bank, Wells Fargo Bank and Bank of America. The revolving credit facility may be increased to $800 million under certain circumstances and replaces the Company's current $300 million revolving credit facility. The borrowings under the amended credit facility bear interest at spreads over LIBOR rates ranging from 75 to 225 basis points based on leverage measurements and mature in December 2016. Under certain circumstances, the maturity may be extended for two one-year periods. Laurans A. Mendelson, HEICO's Chairman and Chief Executive Officer, remarked, "We are gratified that HEICO's excellent performance and credit characteristics have enabled us to more than double our existing credit facility. Our banking syndicate of high-quality banks, led by SunTrust Bank, Wells Fargo Bank and Bank of America, shows great confidence in HEICO as a result of our strong historical performance and our outlook. Other banks participating are PNC Bank, as documentation agent, Branch Banking and Trust Company, US Bank, RBS Citizens, Synovus Bank, Northern Trust Company, JPMorgan Chase Bank, Sabadell United Bank, Fifth Third Bank, Mercantil Commercebank and Florida Community Bank. We are proud of our relationships with them and look forward to continuing to work together.