QHL 0.00% 8.6¢ quickstep holdings limited

News: Quickstep Holdings secures $3M debt facility to ramp up aerospace parts production

  1. Quickstep Holdings (ASX:QHL) has secured a $3 million debt facility as It continues to ramp up production at its Bankstown Airport facility for aerospace manufacturing contracts.

    This will assist in funding substantial increases in the combined production of parts for the F‐35 Lightning II Joint Strike Fighter (JSF) and Lockheed Martin C‐130J Super Hercules.

    Quickstep completed 188 JSF components in FY2014, increasing production to 200 parts delivered in the first half of FY2015. JSF production continues to ramp up.

    Production of C‐130J ship‐sets has expanded from seven ship‐sets in FY2014 to 14 ship‐sets in the first half of FY2015; and is expected to continue at an approximate rate of three ship‐sets per month.

    Quickstep's anticipated significant growth in manufacturing activity is on track and manufacturing sales are expected to grow from $12 million in FY2014 to more than $30 million in FY2015.

    These are expected to generate strong cash flow for Quickstep in subsequent years.

    Total JSF activity is expected to be worth US$700 million over 20 years.

    Key aspect of the facility are:

    - The facility must be drawn down in tranches of $1 million;
    - Term 18 months;   
    - Interest rate of 12% payable monthly in arrears; and
    - The debt is secured, but subordinated to senior debt.


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