{"id":63631,"date":"2022-03-29T16:04:37","date_gmt":"2022-03-29T16:04:37","guid":{"rendered":"https:\/\/pr.asianetpakistan.com\/?p=89083"},"modified":"2022-03-29T16:04:37","modified_gmt":"2022-03-29T16:04:37","slug":"incora-completes-comprehensive-recapitalization","status":"publish","type":"post","link":"https:\/\/indonesiatribune.com\/incora-completes-comprehensive-recapitalization\/","title":{"rendered":"Incora Completes Comprehensive Recapitalization"},"content":{"rendered":"

Agreement with Bondholders and Lenders Provides $250 Million to Drive Growth as Aerospace Industry Recovers<\/h4>\n
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Incora Logo<\/p>\n<\/div>\n<\/div>\n

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FORT WORTH, Texas, March 29, 2022 (GLOBE NEWSWIRE) — Incora announced today it has completed a comprehensive recapitalization that will provide the company with ample liquidity to maintain and expand the business as the aerospace industry rebounds from the COVID-19 pandemic.<\/p>\n<\/div>\n<\/div>\n

The recapitalization, which includes an immediate liquidity infusion of $250 million, was supported by majorities across all of the company’s funded debt including bondholders and bank lenders.<\/p>\n

“This is a resounding vote of confidence from our financing partners and a great day for Incora and its employees, customers, vendors and business partners,” said David Coleal, Incora’s chief executive officer.\u00a0 “This transaction provides a combination of fresh liquidity, maturity relief and debt service reduction, allowing Incora the financial stability to continue delivering innovative, first-in-class service to our existing customers, and to seize new business opportunities as the defense industry signals increased growth and the commercial aerospace industry rebounds.”<\/p>\n

Coleal continued, “I want to thank our customers and our supplier partners, I want to thank our bondholders for their partnership with Incora, and I also want to thank our employees for their hard work and unwavering commitment as we faced unprecedented industry headwinds together.\u00a0 Our success through the COVID-19 pandemic would not have been possible without your dedication and teamwork.”<\/p>\n

Participating bondholders, including Silver Point Finance, provided the additional long-term liquidity support to Incora and exchanged their existing secured and unsecured notes for new secured notes, extending the term of a portion of the secured notes and significantly reducing the amount of annual cash interest.<\/p>\n

Key terms of the transaction include:<\/p>\n