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Get filing alertsAEVEX secures $375M credit facility at IPO, refinances 2020 debt
Filed April 24, 2026 · Period ending April 20, 2026 · ~1 min read
Key Changes
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Established $375M credit facility with Bank of America: $100M term loan (drawn), $75M delayed-draw term loan (available through April 2028), and $200M revolver (undrawn). Provides substantial liquidity for post-IPO operations.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
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Facility requires maximum net leverage ratio of 3.50x (stepping down to 3.00x after June 2029) and minimum interest coverage of 3.00x, both tested quarterly starting September 2026. Constrains future debt capacity.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
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Fully repaid and terminated March 2020 credit agreement with PNC Bank and Ankura Trust. Eliminates obligations under prior facility, likely funded by IPO proceeds or new credit facility.
Item 1.02 — Termination of a Material Definitive Agreement verify on EDGAR → -
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Interest pricing is leverage-based: SOFR plus 2.25%-3.00% or base rate plus 1.25%-2.00%. Revolver carries 0.25%-0.50% commitment fee. Incentivizes deleveraging to reduce borrowing costs.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
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Five-year maturity (April 2031) with quarterly amortization starting September 2026: 2.50% annually in years 1-2, accelerating to 7.50% in years 3-4 and 10.00% in year 5. Secured by substantially all company assets.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR →
Summary
AEVEX established a $375 million senior secured credit facility with Bank of America at its IPO closing on April 20, 2026, drawing $100 million initially while retaining access to $75 million in delayed-draw capacity (available through April 2028) and a $200 million revolver.
The company simultaneously repaid and terminated its March 2020 credit agreement, completing a refinancing that provides the newly public company with substantial liquidity and financial flexibility for operations and growth.
The new facility imposes meaningful financial discipline through quarterly covenants starting September 2026: a maximum net leverage ratio of 3.50x (tightening to 3.00x after June 2029) and a minimum interest coverage ratio of 3.00x. These metrics will constrain AEVEX's ability to take on additional debt and require maintaining adequate earnings relative to interest expense. The leverage-based pricing structure (SOFR plus 2.25%-3.00%) incentivizes deleveraging to reduce borrowing costs. With a five-year maturity and modest initial amortization (2.50% annually in years 1-2), the facility provides near-term flexibility while requiring accelerating principal repayments in later years. Investors should monitor the company's leverage trajectory and compliance with these covenants as it executes its post-IPO strategy.
Section-by-Section Diff
Event · Item 1.01 — Entry into a Material Definitive Agreement
Item 1.01 — Entry into a Material Definitive Agreement filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
The New Credit Agreement is guaranteed by certain of the Borrower’s wholly-owned domestic subsidiaries and secured by substantially all of the Borrower’s assets and the assets of certain of the Borrower’s subsidiaries, in each case, subject to customary exceptions.
The credit facility is secured by substantially all assets of the borrower and certain subsidiaries, with guarantees from wholly-owned domestic subsidiaries. This senior secured position gives lenders priority claims on company assets in the event of financial distress.
Event · Item 1.02 — Termination of a Material Definitive Agreement
Item 1.02 — Termination of a Material Definitive Agreement filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
On April 20, 2026, the Borrower fully repaid and terminated the Credit Agreement, dated as of March 18, 2020, by and among the Borrower, as borrower, Holdings, as holdings, the other loan parties party thereto from time to time, Ankura Trust Company, LLC, as administrative agent, PNC Bank, National Association, as revolving agent and collateral agent and each lender from time to time party thereto, as amended, restated, amended and restated, supplemented or otherwise modified from time to time on or prior to the date hereof.
AEVEX fully repaid and terminated its credit agreement from March 2020, which involved PNC Bank as revolving and collateral agent and Ankura Trust as administrative agent. This voluntary debt repayment eliminates the company's obligations under this facility and may reflect improved liquidity, refinancing with alternative capital, or strategic deleveraging.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 21, 2026 · How we verify