LOS ANGELES--(BUSINESS WIRE)--Mar. 28, 2013--
Ducommun Incorporated (NYSE:DCO) (“Ducommun” or the “Company”) today
announced that it has entered into an amendment of its credit agreement
with its lenders that effectively reduces the current interest rate by
0.75% per annum. The amendment affects Ducommun’s $162.5 million term
loan and $60 million revolving credit facility, the latter of which
currently has no borrowings outstanding.
Specifically, the amendment reduces the interest rate payable by
Ducommun under the credit agreement by 0.50% to the London Interbank
Offer Rate (“LIBOR”) plus 3.75% per annum, or the base rate plus 2.75%
per annum. In addition, the LIBOR rate is subject to a floor of 1.00%
per annum and the base rate is subject to a floor of 2.00% per annum, a
0.25% reduction in each case. These changes are anticipated to lower
interest expense for the Company going forward. Ducommun also expects to
pay down approximately $25 - $30 million of debt this year.
The aforementioned abbreviated description of the Company’s amendment to
its credit agreement is qualified in its entirety; a full description of
Amendment Number 1 to the Credit Agreement dated as of March 28, 2013
will be filed as an exhibit on Form 8-K with the SEC.
About Ducommun Incorporated
Founded in 1849, Ducommun Incorporated provides engineering and
manufacturing services to the aerospace, defense, and other industries
through a wide spectrum of electronic and structural applications. The
company is an established supplier of critical components and assemblies
for commercial aircraft and military and space vehicles as well as for
the energy market, medical field, and industrial automation. It operates
through two primary business units – Ducommun AeroStructures (DAS) and
Ducommun LaBarge Technologies (DLT). Additional information can be found
at www.ducommun.com.
Statements contained in this press release regarding other than
recitation of historical facts are forward-looking statements. These
statements are identified by words such as “may,” “will,” “ begin,” “
look forward,” “expect,” “believe,” “intend,” “anticipate,” “should”,
“potential,” “estimate,” “continue,” “momentum” and other words
referring to events to occur in the future. These statements reflect the
Company’s current view of future events and are based on its assessment
of, and are subject to, a variety of risks and uncertainties beyond its
control, including, but not limited to, the state of the world
financial, credit, commodities and stock markets, and uncertainties
regarding the Company, its businesses and the industries in which it
operates, which are described in the Company’s filings with the
Securities and Exchange Commission. The Company is under no
obligation to (and expressly disclaims any such obligation to) update or
alter its forward-looking statements whether as a result of new
information, future events or otherwise.
Source: Ducommun Incorporated
Ducommun Incorporated
Joseph P. Bellino
Vice President,
Treasurer and
Chief Financial Officer
310-513-7211
or
Chris
Witty
Investor Relations
646-438-9385
cwitty@darrowir.com
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