HANOVER, Md., June 16, 2014 (GLOBE NEWSWIRE) -- The KEYW Holding Corporation (Nasdaq:KEYW) today announced it has closed an amendment (the "Amendment") to its amended and restated credit agreement dated as of November 20, 2012, as amended (the "Credit Agreement"). The Amendment modifies certain definitions and modifies pricing tiers to the interest rate margins applicable to borrowings under the Credit Agreement and adjusts KEYW's financial covenants for the current quarter and future periods.
"We are pleased to have the support of our lenders in amending our credit facility," commented Len Moodispaw, Chairman and CEO of KEYW. "The adjustments made in this amendment will allow KEYW the flexibility to continue the increased investments we've made in our commercial technology subsidiary, Hexis Cyber Solutions, and provides an ability for KEYW to meet other corporate objectives, as well."
The Amendment:
- Increases the maximum Consolidated Senior Leverage Ratio for the quarter ending June 30, 2014 to 4.00 to 1.00, decreases the same by twenty-five basis points per calendar quarter and through the quarter ending December 31, 2014; and thereafter reduces and sets the maximum Consolidated Senior Leverage Ratio to 3.00:1.00 through the Maturity Date;
- Increases the maximum Consolidated Total Leverage Ratio for the quarter ending June 30, 2014 to 4.00 to 1.00, decreases the same by twenty-five basis points per calendar quarter and through the quarter ending December 31, 2014; and thereafter reduces and sets the maximum Consolidated Total Leverage Ratio to 3.50 to 1.00 through the Maturity Date; and
- Increases the Consolidated Fixed Charge Coverage Ratio for the period from April 1, 2014 through the Maturity Date to 1.40 to 1.00.
The Amendment also modifies the definition of Consolidated EBITDA in the Credit Agreement to allow for the add back of "run rate" cost savings realized as a result of specified cost reduction actions provided that such add backs, taken together with others, do not account for more than 10% of Consolidated EBITDA.
About KEYW
KEYW provides agile cyber superiority, cybersecurity, and geospatial intelligence solutions for U.S. Government intelligence and defense customers and commercial enterprises. We create our solutions by combining our services and expertise with hardware, software, and proprietary technology to meet our customers' requirements. For more information contact KEYW Corporation, 7740 Milestone Parkway, Suite 400, Hanover, Maryland 21076; Phone 443-733-1600; Fax 443-733-1601; E-mail investors@keywcorp.com; or on the Web at www.keywcorp.com.
Forward-Looking Statements: Statements made in this press release that are not historical facts constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include but are not limited to statements about expected improvement and growth in our Government Solutions and Commercial Cyber Solutions segments during the remainder of 2014, statements about our future expectations, plans and prospects, and other statements containing the words "estimates," "believes," "anticipates," "plans," "expects," "will," "potential," "opportunities", and similar expressions. Our actual results, performance or achievements or industry results may differ materially from those expressed or implied in these forward-looking statements. These statements involve numerous risks and uncertainties, including but not limited to those risk factors set forth in our Annual Report on Form 10-K, dated and filed March 10, 2014 with the Securities and Exchange Commission (SEC) as required under the Securities Act of 1934, and other filings that we make with the SEC from time to time. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements. KEYW is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.