Vectrus will pay off credit facility as part of Vertex merger

Chicago, March 7 – Vectrus, Inc. announced that the credit facility for Vectrus Systems Corp. will be paid off and terminated as Vectrus readies for a merger with Vertex Aerospace Services Holding Corp., according to an 8-K filed with the Securities and Exchange Commission.

The $55 million tranche A loan and the $270 million revolver will be paid with new debt incurred under Vertex Aerospace Services Corp.’s first-lien credit agreement. The first-lien credit agreement is from Dec. 6, 2021 and lists Royal Bank of Canada as administrative agent.

Currently, Vertex Aerospace is a borrower on three credit agreements: the first-lien credit agreement, an asset-based loan agreement from June 29, 2018 with Ally Bank as administrative agent and a second-lien credit agreement from Dec. 6, 2021 with Royal Bank of Canada as administrative agent and collateral agent.

Vectrus is a military and government services company based in Colorado Springs, Colo. Vertex Aerospace is a Madison, Miss.-based defense aerospace company. The combination of the two business is expected to close in the third quarter of 2022.

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