Frequency Electronics, Inc. entered into a $10,000,000 three-year senior, secured revolving credit facility with JPMorgan Chase Bank, N.A. The facility includes $5,000,000 available for letters of credit. Interest rates for CBFR Borrowings are the greater of the Prime Rate or 2.50% plus 2.50%, while SOFR Borrowings bear interest at the Adjusted Term SOFR Rate plus 2.50%. The agreement includes financial covenants regarding leverage and fixed charge coverage ratios. Frequency Electronics, Inc. is a provider of high-precision timing and frequency control solutions for aerospace and defense industries.
