EL SEGUNDO, Calif., April 9 /PRNewswire/ -- Wyle recently completed a comprehensive refinancing of the debt facilities held by its subsidiary, Wyle Services Corporation, reducing its cost of capital and providing increased flexibility to fund the company's future strategic initiatives.
As part of the refinancing, the company retired debt facilities with maturities beginning in 2014 with a senior secured bank facility and senior subordinated notes maturing in 2016 and 2018, respectively.
"Wyle has delivered consistent financial performance and takes a conservative approach to its capitalization," said George Melton, Wyle chairman, CEO and president. "This refinancing enhances Wyle's ability to achieve its strategic objectives by giving us the ability to move quickly and raise additional capital as we see future opportunities for growth."
Moody's Investors Service upgraded Wyle's corporate family rating from B3 to B2 based on the improved financial flexibility and interest coverage metrics resulting from the refinancing, and S&P affirmed its recent B+ corporate rating.
J.P. Morgan Securities, Inc. and Barclays Capital were the Joint Lead Arrangers and Joint book-running managers on the facilities.
Wyle is a leading provider of high tech aerospace engineering, information technology and scientific services to the federal government on long-term outsourcing contracts. The company also provides biomedical and engineering services for NASA's human space missions; test and evaluation of aircraft, weapon systems, networks, and other government assets; and other engineering services to the aerospace, defense, and nuclear power industries.
Contact: |
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Dan Reeder |
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(310) 563-6834 |
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Ref.: NR/10-10 |
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SOURCE Wyle
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