Lincoln Partners Advises LMI Aerospace on a Debt Refinancing with Wells Fargo Business Credit
ST. LOUIS -- LMI Aerospace, Inc. (Nasdaq: LMIA - News), a leading provider of assemblies, kits and detail sheet metal and machined components to the aerospace, defense and technology industries, announced today that it successfully closed a three-year $26.4 million Senior Credit Facility with Wells Fargo Business Credit, Inc. The agreement includes a Revolving Credit Facility of $18 million and Secured Term Notes totaling $8.4 million. In addition, certain directors of LMI loaned the company $1,000,000 of Subordinated Debt. The proceeds from these credit agreements, net of related expenses, were used to repay all outstanding principal and interest to LMI's former lender, Union Planters Bank, N.A., and to provide for additional working capital.
Lincoln Partners acted as LMI Aerospace's exclusive financial advisor and arranged the private placement of the $26.4 million in senior debt.
"We are very pleased to announce that we have secured a financing plan which provides LMI with the working capital needed to fund our growth and to allow us to seek larger contracts from our customers," said Ronald S. Saks, Chief Executive Officer. "Our improvements in operating results, our continuous focus on cash flow and the increasing growth in demand from our customers have enabled us to arrange financing from Wells Fargo. The Wells Fargo team worked with Lincoln Partners LLC and our Chief Financial Officer, Ed Dickinson, to devise a financing plan that makes us accountable for meeting our budgets as well as provides added working capital needed to fund our growth. Our directors have shown their confidence in our management team and their commitment to our shareholders by providing additional funds as well."
About LMI Aerospace, Inc.
LMI Aerospace, Inc. is a leading supplier of quality components to the aerospace and technology industries. The Company operates twelve manufacturing facilities that fabricate, machine, finish and integrate formed, close tolerance aluminum and specialty alloy components for commercial, corporate, regional and military aircraft, laser equipment used in the semiconductor and medical industries, and for the commercial sheet metal industries.
About Lincoln Partners
Lincoln Partners is the second largest investment bank headquartered in Chicago, specializing in middle-market mergers and acquisitions, private capital raising and financial recovery for global clients. The firm's fundamental commitment is to complete assignments on the best terms for clients by committing hands-on attention, ingenuity and significant expertise to every transaction.
