MIAMI and HOLLYWOOD, Fla., Dec. 12, 2012 (GLOBE NEWSWIRE) -- HEICO Corporation (NYSE:HEI.A) (NYSE:HEI) today announced that it has extended its $670 million revolving credit facility (the "Facility") until December 2017, which is an additional year beyond the previous 2016 expiration date. Further, certain other covenants were amended to provide additional financial flexibility.
The Facility is lead-managed by SunTrust Bank, Bank of America, N.A. and Wells Fargo Bank, National Association. The Company entered into the Facility in December 2011 as a replacement to its prior $300 million revolving credit line and it utilizes the Facility for acquisitions and other corporate needs.
Laurans A. Mendelson, HEICO's Chairman and Chief Executive Officer, along with Co-Presidents, Eric A. Mendelson and Victor H. Mendelson, remarked "HEICO's success and financial strength, coupled with a very strong group of lenders, allowed us to enter into this extension. The extension provides the Company with more flexibility and certainty into the future."
The Company has two classes of common stock traded on the NYSE. Both classes, the Class A Common Stock (HEI.A) and the Common Stock (HEI), are virtually identical in all economic respects. The only difference between the share classes is the voting rights. The Class A Common Stock (HEI.A) receives 1/10 vote per share and the Common Stock (HEI) receives one vote per share. The stock symbols for HEICO's two classes of common stock on most web sites are HEI.A and HEI. However, some web sites change HEICO's Class A Common Stock symbol (HEI.A) to HEI/A or HEIa.
HEICO Corporation is engaged primarily in certain niche segments of the aviation, defense, space, medical, telecommunications and electronics industries through its Hollywood, FL-based Flight Support Group and its Miami, FL-based Electronic Technologies Group. HEICO's customers include a majority of the world's airlines and overhaul shops as well as numerous defense and space contractors and military agencies worldwide in addition to medical, telecommunications and electronics equipment manufacturers. For more information about HEICO, please visit our web site at http://www.heico.com.
CONTACT: Thomas S. Irwin (954) 987-4000 ext. 7560 Victor H. Mendelson (305) 374-1745 ext. 7590 Carlos L. Macau (954) 987-4000 ext. 7570