Magellan Aerospace Corporation Announces Entering into an Amended and Restated Credit Agreement

TORONTO, Oct. 1, 2014 /CNW/ – Magellan Aerospace Corporation (“Magellan” or the “Corporation”) announces that it has amended and restated its operating credit agreement with its existing lenders in order to provide revolving loan facilities for Magellan for a four year period, subject to annual extensions of such four year period.

Under the terms of the amended operating credit agreement, Magellan and the lenders have agreed that the maximum available under the operating credit facility will be amended to Cdn. $95 million (down from Cdn. $115 million), U.S. $35 million (unchanged) and GBP £11 million (new) and continues to include a Cdn. $50 million accordion provision which will provide Magellan with the option to increase the size of the operating credit facility to approximately $200 million. The maturity date of the facility has been extended to September 30, 2018. Extensions of the facility are subject to mutual consent of the syndicate of lenders and the Corporation. The guarantee of the facility by Mr. N. M. Edwards, the Chairman of the Board of the Corporation, which has supported the Corporation since 2005, has now been released.

Magellan Aerospace Corporation is one of the world’s most integrated and comprehensive aerospace industry suppliers. Magellan designs, engineers, and manufactures aeroengine and aerostructure assemblies and components for aerospace markets, advanced products for military and space markets, and complementary specialty products. Magellan is a public company whose shares trade on the Toronto Stock Exchange (TSX: MAL), with operating units throughout Canada, the United States, the United Kingdom and India.