Provides additional capital to support
increasing demand
WESTPORT, Conn., Feb. 14,
2023 /PRNewswire/ -- Great Rock Capital, an
asset-focused commercial finance company specializing in middle
market lending, today announced the January
19, 2023, closing of a $90
million senior secured term loan facility with Astronics
Corporation ("Astronics"), an aerospace electronics corporation
that provides advanced technologies to the world's aerospace,
defense, and other mission critical industries. Astronics
(Nasdaq: ATRO) is a publicly traded company on the Nasdaq stock
exchange.
Great Rock Capital served as the lead arranger for the term loan
and partnered with the revolver agent, a leading commercial banking
institution, to create a financing structure that will maximize the
company's liquidity. Blue Torch Capital partnered with Great
Rock in the term loan facility.
"We are excited about our new financial partnership with Great
Rock. Their team really understood the intrinsic value of our
business model and created a financial solution that maximized the
value of our fixed assets," commented Peter
Gundermann, Chairman, President, and CEO of Astronics. "This
additional liquidity will allow us to capitalize on opportunities
to accelerate our growth as the aerospace and other critical
industries we serve continue to rapidly emerge from Covid-19."
"We are proud to partner with the entire Astronics team as they
continue to develop cutting edge technologies and mission-critical
products for the company's widely diversified customer base," said
Stuart Armstrong, CEO of Great Rock
Capital. "Astronics is on a clear long-term growth trajectory, and
we are excited to play a role in their continued
success."
About Great Rock Capital
Great Rock Capital is
an asset-focused commercial finance company that specializes in
serving the needs of middle market companies across the United States and Canada. The
Company provides fast, flexible, and creative financing solutions
that maximize liquidity and provide growth
capital. The senior secured credit facilities
offered by the firm range in size from $10MM to $75MM and include
working capital, term-heavy, and term-only loan structures not
provided by traditional commercial lenders. The firm has
significant capital commitments from its partners, an
industry-leading private equity group and a large institutional
investor. To learn more, visit www.greatrockcapital.com.
About Astronics Corporation
Astronics
Corporation (Nasdaq: ATRO) serves
the world's aerospace, defense, and other mission critical
industries with proven, innovative technology
solutions. Astronics works side-by-side with
customers, integrating its array of power, connectivity, lighting,
structures, interiors, and test technologies to solve complex
challenges. For over 50 years, Astronics has
delivered creative, customer-focused solutions with exceptional
responsiveness. Today, global airframe manufacturers,
airlines, militaries, completion centers and Fortune 500 companies
rely on the collaborative spirit and innovation of
Astronics. The Company's strategy is to increase its
value by developing technologies and capabilities that provide
innovative solutions to its targeted markets. For more
information on Astronics and its solutions,
visit Astronics.com.
Great Rock Capital Contact:
Jenn
Cronin
Managing Director, Marketing and
Business Development
(203) 557-
6277
cronin@greatrockcapital.com
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SOURCE Great Rock Capital