AIRI - Air Industries expands and extends credit facility

Air Industries (NYSE:AIRI) trades 6.7% higher after hours on announcing that Sterling National Bank has agreed to expand the size and extend the maturity of its Revolving Credit Facility and Term Loan. The revolving credit facility increased by 25% (or $4M) from its current $16M limit to $20M; inventory sublimit of the revolving credit facility also increased by $3M to $14M. The maturity dates of both the revolving credit facility and term loan have been extended by three years, from Dec.31, 2022 to Dec.31, 2025. The bank has also agreed to allow Air Industries to begin amortizing part of its subordinated debt which will thus reduce interest expense and increase net income.

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Air Industries expands and extends credit facility