Wesco amends, cuts cash-capped incremental facility to $100 million

By Tali Rackner

Norfolk, Va., March 24 – Wesco Aircraft Hardware Corp. entered into a third amendment to its credit agreement with agent Barclays to reduce the maximum amount permitted to be incurred under a cash-capped incremental facility to $100 million from $150 million, according to an 8-K filing with the Securities and Exchange Commission.

The amendment also modifies the credit agreement to increase the maximum consolidated total leverage ratio to 4.5 times for the quarters ending March 31, June 30 and Sept. 30, 2016, with step-downs to 4.25 times for the quarter ending Dec. 31, 2016, to 4 times for the quarter ending March 31, 2017 and to 3.75 times for the quarter ending June 30, 2017 and thereafter.

As of Dec. 31, Wesco was in compliance with the foregoing covenant, and its consolidated total leverage ratio was 4.18 times.

Wesco is a Valencia, Calif.-based distributor of aerospace consumables and provider of comprehensive supply chain management services.

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