MCLEAN,
Va., June 3, 2024 /PRNewswire/ -- V2X, Inc.
(NYSE: VVX) announces it has successfully repriced and extended its
$907 million First Lien Term
Loan.
Under the repricing, the annual interest margin was reduced by
50 basis points to 2.75%. Additionally, the 10-basis point Credit
Spread Adjustment was eliminated from the company's Secured
Overnight Financing Rate, further improving the anticipated savings
from the repricing. The company also extended the maturity of the
loan by two years to December
2030.
"I'm pleased to report the successful repricing of our first
lien term loan, which is another positive step in our efforts to
increase shareholder value and enhance the company's capital
structure," said Shawn Mural, Senior Vice President and Chief
Financial Officer at V2X. "The repricing is expected to yield
notable interest expense savings and lower the overall cost of
capital, while extending those benefits for another two years. This
outcome is a testament to the strength in our business, supported
by V2X's robust backlog, strong cash flow generation capabilities,
and progress deleveraging the balance sheet."
About V2X
V2X builds smart solutions designed to integrate physical and
digital infrastructure – by aligning people, actions, and outputs.
Our lifecycle solutions improve security, streamline logistics, and
enhance readiness.
The Company delivers a comprehensive suite of integrated
solutions across the operations and logistics, aerospace, training,
and technology markets to national security, defense, civilian and
international clients. Our global team of approximately 16,000
employees brings innovation to every point in the mission
lifecycle, from preparation to operations, to sustainment, as it
tackles the most complex challenges with agility, grit, and
dedication.
Safe Harbor Statement
Safe Harbor Statement under the
Private Securities Litigation Reform Act of 1995 (the "Act"):
Certain material presented herein includes forward-looking
statements intended to qualify for the safe harbor from liability
established by the Act. These forward-looking statements include,
but are not limited to, all the statements in this release that are
not historical, including, without limitation, interest expense
savings, cost of capital, strength in our business, long-term
contracts, cash flow generation capabilities, backlog, and progress
deleveraging the balance sheet.
Forward-looking statements generally can be identified by the
use of forward-looking terminology such as "may," "will," "expect,"
"intent," "estimate," "anticipate," "believe," "could,"
"potential," "continue," "can," "goal," "long-term," "drive,"
"next," and variations of such words and or similar expressions and
terminology. These statements are based on the beliefs and
assumptions of the management of the Company based on information
currently available to management.
These forward-looking statements are not guarantees of future
performance, conditions, or results, and involve a number of known
and unknown risks, uncertainties, assumptions, and other important
factors, many of which are outside our management's control, which
could cause actual results to differ materially from the results
discussed in the forward-looking statements. In addition,
forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially
from the Company's historical experience and our present
expectations or projections. For a discussion of some of the risks
and uncertainties that could cause actual results to differ from
such forward-looking statements, see the risks and other factors
detailed from time to time in our Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q, and other filings with the SEC.
We do not undertake, and expressly disclaim, any duty or
obligation to update publicly any forward-looking statement after
the date of this release, whether as a result of new information,
future events or otherwise, except as required by law.
Investor Contact
Mike
Smith, CFA
Vice President, Treasury, Corporate Development and Investor
Relations
IR@goV2X.com
719-637-5773
Media Contact
Angelica
Spanos Deoudes
Director, Corporate Communications
Angelica.Deoudes@goV2X.com
571-338-5195
View original content to download
multimedia:https://www.prnewswire.com/news-releases/v2x-announces-successful-repricing-and-extension-of-term-loan-302161886.html
SOURCE V2X, Inc.