LA PLATA, Maryland — Satellite ground hardware provider Comtech Telecommunications Corp. secured a new credit facility that provides much-needed liquidity and pushes its repayments out by four years but also carries an average interest rate of 14% compared to 10% for the previous facility.
The refinancing — a term loan of $162 million and a revolver of $60 million — also includes multiple covenants that set requirements on Comtech’s future cash balance and its leverage. It is due July 31, 2028.
The lack of liquidity forced Comtech to . . .
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