Aar corp. enters into an amendment no. 9 to its credit agreement

On september 25, 2019, the aar corp. entered into an amendment no. 9 to its credit agreement dated april 12, 2011, as amended, with various financial institutions, as lenders and bank of america, n.a., as administrative agent for the lenders (the “credit agreement”). under the terms of the credit agreement in effect prior to the amendment, the aggregate revolving credit commitment amount was $500 million. the amendment increases that amount to $600 million. under certain circumstances, the company has the ability to request an increase to the revolving credit commitment by an aggregate amount of up to $300 million. borrowings under the credit agreement bear interest at the offered eurodollar rate plus 87.5 to 175 basis points based on certain financial measurements if a eurodollar rate loan, or at the offered fluctuating base rate plus 0 to 75 basis points based on certain financial measurements if a base rate loan. the amendment also extends the maturity date of the credit agreement to september 25, 2024, and modifies certain covenants and definitions, including the maximum adjusted total debt to ebitda ratio, and the ebitda definition.
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