SIFCO Industries completed a significant strategic shift in October 2024 with the sale of its European operations, C Blade S.p.A. Forging Manufacturing. This divestiture generated approximately $14.5 million in cash proceeds, net of transaction costs, as the company aims to streamline operations and refocus on its core aerospace forging business.
Concurrently, SIFCO refinanced its debt by entering into a new Loan and Security Agreement with Siena Lending Group LLC in October 2024. This agreement provides a $20.0 million senior secured revolving credit facility and a $3.0 million term loan.
Proceeds from both the C Blade sale and the debt refinancing were used to repay previous credit agreements and a related party debt, including $0.387 million in accrued paid-in-kind interest and $1.030 million in fees. This financial restructuring is intended to improve the company's debt profile and liquidity.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.