Vought Aircraft Industries to pay down credit facility by $390 million

By Angela McDaniels

Tacoma, Wash., July 30 - Vought Aircraft Industries, Inc. plans to repay $390 million of the borrowings under its credit facility in connection with the sale of its North Charleston, S.C., business to Boeing Co., according to an 8-K filing with the Securities and Exchange Commission.

The company entered into an amendment on Thursday that requires it to use $305 million of the proceeds from the sale to prepay the term loans and incremental term loans under the facility.

Vought voluntarily agreed to prepay an additional $50 million of term loans and incremental term loans and to prepay revolving loans, and to permanently reduce the commitments under the revolver, by an additional $35 million.

Following these reductions, the total revolving commitments will be $100 million with no borrowings outstanding on the revolver.

Vought Aircraft is a Dallas-based aerostructures company.

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