Rochester,NY 7/8/2009 3:46:02 AM
End of Day Report - CMTL - Form 8-K for COMTECH TELECOMMUNICATIONS CORP /DE/ - Sourced WhisperFromWallStreet.com
Comtech Telecommunications Corp
End of Day Report - CMTL - Form 8-K for COMTECH TELECOMMUNICATIONS CORP /DE/ - Sourced WhisperFromWallStreet.com
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Comtech Telecommunications Corp.CMTL
After Hours: 31.21 Up 0.22 (0.72%) 4:24PM ET
On June 24, 2009, Comtech Telecommunications Corp. (the "Company") entered into a three-year, $100.0 million revolving credit facility (the "Facility") with Citibank, N.A., as administrative agent (the "Administrative Agent"), and the lenders signatory thereto (JP Morgan Chase Bank, N.A., Bank of America, N.A., Manufacturers and Traders Trust Company and New York Commercial Bank). The Facility, which replaces the Company's $15.0 million uncommitted and cancelable line of credit with Citibank, N.A., is secured by a pledge of all shares of the Company's domestic subsidiaries and a percentage of its shares in certain of its foreign subsidiaries.
Borrowings under the Facility, including outstanding letters of credit issued thereunder, will bear interest at a base rate or a London Interbank Offered Rate ("LIBOR") plus a margin. The margin is subject to adjustment depending on the Company's ratio of consolidated total indebtedness to consolidated EBITDA, as defined.
The Company has paid an origination fee in connection with the Facility. Certain additional fees payable under the Facility include: (i) a letter of credit fronting fee on the face amount of certain letters of credit; and (ii) an undrawn line fee (subject to adjustment as described above).
The Facility is subject to financial covenants that require the Company to maintain, commencing with the fiscal period ended July 31, 2009, (i) a Minimum Consolidated EBITDA; (ii) a Minimum Fixed Charge Coverage Ratio; and (iii) a Maximum Leverage Ratio, in each case calculated based on the four prior consecutive fiscal quarters (measured on a consolidated basis). Additionally, the Facility allows for Permitted Acquisitions and also contains usual and customary covenants that, among other things, provide limits relating to the Company's ability to incur debt, make certain payments (including dividends), repurchase shares of common stock of the Company, sell certain assets, and make certain investments.
The Facility is also subject to usual and customary borrowing conditions and events of default, the occurrence of which events would entitle the lenders to accelerate the maturity of any outstanding borrowings and terminate their commitment to make future loans.
About
Comtech Telecommunications Corp. engages in the design, development, production, and marketing of products, systems, and services for advanced communications solutions in the United States and internationally. It operates in three segments: Telecommunications Transmission, Mobile Data Communications, and RF Microwave Amplifiers. The Telecommunications Transmission segment provides satellite earth station equipment and systems, over-the-horizon microwave systems, and forward error correction technology, which are used in various commercial and government applications, including the transmission of voice, video, and data over the Internet; long distance telephony; and in backhaul of cellular traffic using satellites, broadcast, cable, and secure defense applications. The Mobile Data Communications segment provides mobile satellite transceivers, and computers and satellite earth station network gateways and associated installation, training, and maintenance services; and supplies and operates satellite packet data networks, including arranging and providing satellite capacity. The RF Microwave Amplifiers segment designs, develops, manufactures, and markets broadband amplifiers in the microwave and radio frequency spectrums. Its amplifiers are used in defense applications, including telecommunications systems, such as transmitting and boosting signals; and electronic warfare systems, including simulation, radar, jamming, as well as in commercial applications comprising oncology treatment systems and amplify signals carrying voice, video, or data for air-to-satellite-to-ground communications. The company serves satellite systems integrators, wireless and other communication service providers, defense contractors, military customers, manufacturers of copier and data storage products, and oil companies. Comtech markets its products through independent representatives and value-added resellers. The company was founded in 1967 and is headquartered in Melville, New York.
Last Trade: 30.99
Day's Range: 30.96 - 31.60
52wk Range: 19.56 - 51.21
Volume: 339,333
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