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Webster Bank Provides Term Loan, CAPEX Line for Air Industries Group
Thursday, May 19, 2022

Lenders/Participants Webster Bank [Lender]
Structure $5MM Term Loan; $2MM CAPEX Line
Amount $7.000 Million
Borrower(s) Air Industries Group
Description The new Webster Bank term loan has an initial principal amount of $5 million. These funds will be used to retire the existing term loan of approximately $3.1 million, retire a capital lease of approximately $250,000, and purchase two CNC milling centers for an aggregate of $870,000. In addition to the term loan, Webster Bank has extended a new $2.0 million capital expenditure line of credit to be used to purchase new machinery and equipment. All advances under the term loan and the capital expenditure line of credit are amortizable over seven years (84 months), mature on December 31, 2026, and bear interest at the greater of (I) 3.5 percent per annum or (ii) 30-day LIBOR plus 250 basis points or (iii) Prime Rate less 65 basis points. The current interest rate is 3.5 percent.
Industry Aerospace
Related Tags Webster Bank