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Business Wire
2 days ago
- Business
- Business Wire
Comtech Announces Amendment to Senior Secured Credit Agreement Which Improves Terms and Increases Financial Flexibility
CHANDLER, Ariz.--(BUSINESS WIRE)--July 21, 2025-- Comtech Telecommunications Corp. (NASDAQ: CMTL) ('Comtech' or the 'Company'), a global communications technology leader, today announced it has negotiated amendments to its senior secured credit agreement that significantly improve the terms in the Company's favor, increase financial flexibility and enhance liquidity to support the Company's business plans. The improved terms of the credit agreement include a long-term financial covenant holiday such that the next test of the fixed charge coverage ratio, net leverage ratio and minimum EBITDA covenants will be after the conclusion of the fiscal quarter ending on January 31, 2027. The lenders also waived prepayment fees on the current prepayment of senior debt and deferred the Company's prior obligations to make certain amortization and fee payments. Concurrently, the Company received a capital infusion of $35 million through a subordinated debt investment by an existing holder of the Company's convertible preferred stock and subordinated debt. This new subordinated debt has favorable terms for the Company: there is no make whole provision, there is no cash interest requirement and interest will generally accrue at the same rate as the cash interest paid on the Company's senior secured term loan debt. Net proceeds from the new investment are being used to prepay a portion of the senior secured debt and to increase liquidity. 'These agreements reflect the strong confidence our lenders and preferred stockholders have in the execution of Comtech's transformation plan, which is already demonstrating success. With improved financial flexibility, coupled with the return to positive cash flow we reported in the third quarter of fiscal 2025, Comtech is stronger today and well-positioned to capitalize on growing opportunities for our next-generation public safety solutions in our Terrestrial and Wireless business and mission critical communications technologies in our Satellite and Space business,' said Ken Traub, Chairman, President and Chief Executive Officer. The foregoing description of the amendment to the senior secured credit agreement and the subordinated debt agreement is not complete and is qualified in its entirety by the terms of the underlying documents, copies of which will be made available in the Company's filings with the Securities and Exchange Commission ('SEC'). Additional information can be found in the Company's Current Report on Form 8-K filed with the SEC and available on Comtech's investor relations website at About Comtech Comtech Telecommunications Corp. is a leading provider of satellite and space communications technologies; terrestrial and wireless network solutions; Next Generation 911 ('NG911') and emergency services; and cloud native capabilities to commercial and government customers around the world. Through its culture of innovation and employee empowerment, Comtech leverages its global presence and decades of technology leadership and experience to create some of the world's most innovative solutions for mission-critical communications. For more information, please visit Cautionary Note Regarding Forward-Looking Statements Certain information in this press release contains, and oral statements made by the Company's representatives from time to time may contain, forward-looking statements. Forward-looking statements can be identified by words such as: 'anticipate,' 'believe,' 'continue,' 'could,' 'estimate,' 'expect,' 'future,' 'goal,' 'outlook,' 'intend,' 'likely,' 'may,' 'plan,' 'potential,' 'predict,' 'project,' 'seek,' 'should,' 'strategy,' 'target,' 'will,' 'would,' and similar references to future periods. Forward-looking statements include, among others, statements regarding expectations for its strategic alternatives process, expectations for further portfolio-shaping opportunities, expectations for other operational initiatives, the intended use of proceeds from the Credit Facility and Amended Subordinated Credit Facility, expectations for completing further financing initiatives, future performance and financial condition, plans to address its ability to continue as a going concern, the plans and objectives of management and assumptions regarding such future performance, financial condition, and plans and objectives that involve certain significant known and unknown risks and uncertainties and other factors not under its control which may cause actual results, future performance and financial condition, and achievement of plans and objectives of management to be materially different from the results, performance or other expectations implied by these forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by which, such performance or results will be achieved. Forward-looking information is based on information available at the time and/or the Company's good faith belief with respect to future events, and is subject to risks and uncertainties that are difficult to predict and many of which are outside of the Company's control. Factors that could cause actual results to differ materially from current expectations include, among other things: the outcome and effectiveness of the aforementioned strategic alternatives process, further portfolio-shaping opportunities, other operational initiatives, and the completion of further financing activities; its ability to access capital and liquidity so that the Company is able to continue as a going concern; its ability to implement changes in executive leadership; the possibility that the expected synergies and benefits from strategic activities will not be fully realized, or will not be realized within the anticipated time periods; the risk that acquired businesses will not be integrated successfully; impacts from, and uncertainties regarding, future actions that may be taken by activist stockholders; the possibility of disruption from acquisitions or dispositions, making it more difficult to maintain business and operational relationships or retain key personnel; the risk that the Company will be unsuccessful in implementing a tactical shift in its Satellite and Space Communications segment away from bidding on large commodity service contracts and toward pursuing contracts for niche products and solutions with higher margins; the nature and timing of receipt of, and performance on, new or existing orders that can cause significant fluctuations in net sales and operating results; the timing and funding of government contracts; adjustments to gross profits on long-term contracts; risks associated with international sales; rapid technological change; evolving industry standards; new product announcements and enhancements; changing customer demands and/or procurement strategies and ability to scale opportunities and deliver solutions to current and prospective customers; changes and uncertainty in prevailing economic and political conditions (including financial and capital market conditions), including as a result of Russia's military incursion into Ukraine, the Israel-Hamas war and attacks in the Red Sea region or any tariff, trade restriction or similar matters; changes in the price of oil in global markets; changes in prevailing interest rates and foreign currency exchange rates; risks associated with legal proceedings, customer claims for indemnification, and other similar matters; risks associated with obligations under its credit facilities; risks associated with large contracts; risks associated with supply chain disruptions; and other factors described in this and other Company filings with the Securities and Exchange Commission. However, the risks described above are not the only risks that the Company faces. Additional risks and uncertainties, not currently known to the Company or that do not currently appear to be material, may also materially adversely affect its business, financial condition and/or operating results in the future. The Company describes risks and uncertainties that could cause actual results and events to differ materially in the "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Quantitative and Qualitative Disclosures about Market Risk" sections of its SEC filings. The Company does not intend to update or revise publicly any forward-looking statements, whether because of new information, future events, or otherwise, except as required by law.
New York Post
15-07-2025
- General
- New York Post
Florida county spearheading high-tech 911 system that sends texts and video to 911 dispatchers
When an emergency happens in Collier County, Florida, the 911 calls go to one of the most high-tech communications centers in the U.S., where callers can send text and video from the scene to dispatchers. Moving to what's known as an NG911 — or Next Generation 911 — system is a journey Sheriff Kevin Rambosk and Bob Finney, the county's director of communication, have been on for much of the past decade. It's a long way from Feb. 16, 1968, when Alabama's then-House Speaker Rankin Fite made the nation's very first 911 call in Haleyville, Alabama, on a bright red, rotary-style landline telephone. 7 Collier County, Florida has implemented an NG911 — or Next Generation 911 — system. AP That ceremonial call came just 35 days after AT&T announced plans to use 911 as a nationwide emergency number. Today, most calls to 911 originate with cellphones, with dispatchers in upgraded centers using geo tracking to get accurate geographic locations from callers. But the response time in an emergency depends on the type of technology being used at any of the 6,000 emergency communications centers in the U.S. that receive 911 calls. There is no uniform emergency system in the U.S., so individual cities, counties, states or geographic regions are responsible for operating their own 911 call centers. While some states have fully updated to NG911 systems, others are still using legacy 911 systems that rely on antiquated equipment. 'We're just reminded in these last two weeks, with the flooding in Texas, just how important the work of 911 is,' said Michael Martin, CEO of RapidSOS, which provides infrastructure that passes critical data to emergency centers across the United States. 7 Today, most calls to 911 originate with cellphones, with dispatchers in centers using geo tracking to get accurate locations from callers. AP The future is now for 911 The Collier County Sheriff's Office covers 911 calls from an area of about 2,030 square miles (5,258 square kilometers) that stretches from sandy beaches at the southernmost tip of the Gulf Coast on Florida's peninsula inland to the Everglades. It's a region that has been ravaged by hurricanes this century, including Hurricane Irma in 2017 and Hurricanes Ian and Milton most recently. 7 There is no uniform emergency system in the U.S., so individual cities, counties, and states are responsible for operating their own 911 call centers. REUTERS 7 While some states have fully updated to NG911 systems, others are still using legacy 911 systems that rely on antiquated equipment. AP That's why Sheriff Rambosk wanted a high-tech emergency operations center. 'We just believe that when we can reduce the response time using technology, it will improve safety and survivability of those calling in,' said Rambosk, who has been sheriff since 2009. 'And that's really what we're all about, keeping people safe and rescuing them when they need it.' Today 61 full-time employees and three part-timers staff two emergency operations centers around the clock. They rely on data that RapidSOS collects from connected buildings, devices, vehicles and even smart watches to send first responders to emergency scenes. The baseline data is provide free of charge to all 911 centers, Martin said. Mixing technology with emergency response 7 The Collier County Sheriff's Office covers 911 calls from an area of about 2,030 square miles. AP As Hurricane Helene was tracking toward north Florida last September, forecasters were predicting it could hit Tallahassee as a major Category 3 storm. Officials in Leon County, which serves the state's Capitol and nearby counties on legacy 911 equipment, reached out to Collier County, some 430 miles (692 kilometers) to the southeast, to see if they could take over emergency calls if the storm knocked their center out. Helene moved to the east of Tallahassee, but Collier County was prepared to help if needed. 'Because of the partnership with Rapid SOS, they were able to create a map to where not only did we see our own calls, but we could see exactly where the calls were coming in Tallahassee,' Finney said. Collier County has also partnered with Charleston, South Carolina, as a backup 911 center. Each region is fully prepared to take on 911 calls for the other in case their emergency system goes down for any reason. 7 Today 61 full-time employees and three part-timers staff two emergency operations centers around the clock. Andrew West/The News-Press/USA Today Network-Florida / USA TODAY NETWORK via Imagn Images It's a similar story in North Carolina, where legislation in 2017 helped establish funding for a next generation 911 system, said Pokey Harris, who serves as president of the National Association of State 911 Administrators and executive director of the North Carolina 911 Board. Harris said Hurricane Helene provided validation for the upgraded system by being able to direct 911 calls from areas that were devastated by the storm to other parts of North Carolina that were not affected. 'During Helene, if a citizen could reach a dial tone, even though their local 911 center may have been impacted because of infrastructure devastation, another center somewhere in the state could answer their call,' Harris said. No federal funding for next-generation systems 7 Employees rely on data that RapidSOS collects from connected buildings, devices, vehicles and even smart watches to send first responders to emergency scenes. AP Next Generation 911 systems aren't cheap. 'There has been no federal funding for 911,' Martin, of RapidSOS said. 'It has been in various draft formats as long as I've been doing this and it's never gotten through Congress.' There is also no federal oversight of 911, he said. 'It's really quite remarkable how well 911 works despite those challenges,' Martin said. 'I think it's a testament to the people of 911, not the technology.'
Fast Company
15-07-2025
- Climate
- Fast Company
How this Florida county is using new 911 technology to save lives
When an emergency happens in Collier County, Florida, the 911 calls go to one of the most high-tech communications centers in the U.S., where callers can send text and video from the scene to dispatchers. Moving to what's known as an NG911 — or Next Generation 911 — system is a journey Sheriff Kevin Rambosk and Bob Finney, the county's director of communication, have been on for much of the past decade. It's a long way from Feb. 16, 1968, when Alabama's then-House Speaker Rankin Fite made the nation's very first 911 call in Haleyville, Alabama, on a bright red, rotary-style landline telephone. That ceremonial call came just 35 days after AT&T announced plans to use 911 as a nationwide emergency number. Today, most calls to 911 originate with cellphones, with dispatchers in upgraded centers using geo tracking to get accurate geographic locations from callers. But the response time in an emergency depends on the type of technology being used at any of the 6,000 emergency communications centers in the U.S. that receive 911 calls. There is no uniform emergency system in the U.S., so individual cities, counties, states or geographic regions are responsible for operating their own 911 call centers. While some states have fully updated to NG911 systems, others are still using legacy 911 systems that rely on antiquated equipment. 'We're just reminded in these last two weeks, with the flooding in Texas, just how important the work of 911 is,' said Michael Martin, CEO of RapidSOS, which provides infrastructure that passes critical data to emergency centers across the United States. The future is now for 911 The Collier County Sheriff's Office covers 911 calls from an area of about 2,030 square miles (5,258 square kilometers) that stretches from sandy beaches at the southernmost tip of the Gulf Coast on Florida's peninsula inland to the Everglades. It's a region that has been ravaged by hurricanes this century, including Hurricane Irma in 2017 and Hurricanes Ian and Milton most recently. That's why Sheriff Rambosk wanted a high-tech emergency operations center. 'We just believe that when we can reduce the response time using technology, it will improve safety and survivability of those calling in,' said Rambosk, who has been sheriff since 2009. 'And that's really what we're all about, keeping people safe and rescuing them when they need it.' Today 61 full-time employees and three part-timers staff two emergency operations centers around the clock. They rely on data that RapidSOS collects from connected buildings, devices, vehicles and even smart watches to send first responders to emergency scenes. The baseline data is provide free of charge to all 911 centers, Martin said. Mixing technology with emergency response As Hurricane Helene was tracking toward north Florida last September, forecasters were predicting it could hit Tallahassee as a major Category 3 storm. Officials in Leon County, which serves the state's Capitol and nearby counties on legacy 911 equipment, reached out to Collier County, some 430 miles (692 kilometers) to the southeast, to see if they could take over emergency calls if the storm knocked their center out. Helene moved to the east of Tallahassee, but Collier County was prepared to help if needed. 'Because of the partnership with Rapid SOS, they were able to create a map to where not only did we see our own calls, but we could see exactly where the calls were coming in Tallahassee,' Finney said. Collier County has also partnered with Charleston, South Carolina, as a backup 911 center. Each region is fully prepared to take on 911 calls for the other in case their emergency system goes down for any reason. It's a similar story in North Carolina, where legislation in 2017 helped establish funding for a next generation 911 system, said Pokey Harris, who serves as president of the National Association of State 911 Administrators and executive director of the North Carolina 911 Board. Harris said Hurricane Helene provided validation for the upgraded system by being able to direct 911 calls from areas that were devastated by the storm to other parts of North Carolina that were not affected. 'During Helene, if a citizen could reach a dial tone, even though their local 911 center may have been impacted because of infrastructure devastation, another center somewhere in the state could answer their call,' Harris said. No federal funding for next-generation systems Next Generation 911 systems aren't cheap. 'There has been no federal funding for 911,' Martin, of RapidSOS said. 'It has been in various draft formats as long as I've been doing this and it's never gotten through Congress.' There is also no federal oversight of 911, he said. 'It's really quite remarkable how well 911 works despite those challenges,' Martin said. 'I think it's a testament to the people of 911, not the technology.' —Freida Frisaro, Associated Press
15-07-2025
- Climate
A Florida county leads the way with a high-tech 911 system
NAPLES, Fla. -- When an emergency happens in Collier County, Florida, the 911 calls go to one of the most high-tech communications centers in the U.S., where callers can send text and video from the scene to dispatchers. Moving to what's known as an NG911 — or Next Generation 911 — system is a journey Sheriff Kevin Rambosk and Bob Finney, the county's director of communication, have been on for much of the past decade. It's a long way from Feb. 16, 1968, when Alabama's then-House Speaker Rankin Fite made the nation's very first 911 call in Haleyville, Alabama, on a bright red, rotary-style landline telephone. That ceremonial call came just 35 days after AT&T announced plans to use 911 as a nationwide emergency number. Today, most calls to 911 originate with cellphones, with dispatchers in upgraded centers using geo tracking to get accurate geographic locations from callers. But the response time in an emergency depends on the type of technology being used at any of the 6,000 emergency communications centers in the U.S. that receive 911 calls. There is no uniform emergency system in the U.S., so individual cities, counties, states or geographic regions are responsible for operating their own 911 call centers. While some states have fully updated to NG911 systems, others are still using legacy 911 systems that rely on antiquated equipment. 'We're just reminded in these last two weeks, with the flooding in Texas, just how important the work of 911 is,' said Michael Martin, CEO of RapidSOS, which provides infrastructure that passes critical data to emergency centers across the United States. The Collier County Sheriff's Office covers 911 calls from an area of about 2,030 square miles (5,258 square kilometers) that stretches from sandy beaches at the southernmost tip of the Gulf Coast on Florida's peninsula inland to the Everglades. It's a region that has been ravaged by hurricanes this century, including Hurricane Irma in 2017 and Hurricanes Ian and Milton most recently. That's why Sheriff Rambosk wanted a high-tech emergency operations center. 'We just believe that when we can reduce the response time using technology, it will improve safety and survivability of those calling in,' said Rambosk, who has been sheriff since 2009. 'And that's really what we're all about, keeping people safe and rescuing them when they need it.' Today 61 full-time employees and three part-timers staff two emergency operations centers around the clock. They rely on data that RapidSOS collects from connected buildings, devices, vehicles and even smart watches to send first responders to emergency scenes. The baseline data is provide free of charge to all 911 centers, Martin said. As Hurricane Helene was tracking toward north Florida last September, forecasters were predicting it could hit Tallahassee as a major Category 3 storm. Officials in Leon County, which serves the state's Capitol and nearby counties on legacy 911 equipment, reached out to Collier County, some 430 miles (692 kilometers) to the southeast, to see if they could take over emergency calls if the storm knocked their center out. Helene moved to the east of Tallahassee, but Collier County was prepared to help if needed. "Because of the partnership with Rapid SOS, they were able to create a map to where not only did we see our own calls, but we could see exactly where the calls were coming in Tallahassee,' Finney said. Collier County has also partnered with Charleston, South Carolina, as a backup 911 center. Each region is fully prepared to take on 911 calls for the other in case their emergency system goes down for any reason. It's a similar story in North Carolina, where legislation in 2017 helped establish funding for a next generation 911 system, said Pokey Harris, who serves as president of the National Association of State 911 Administrators and executive director of the North Carolina 911 Board. Harris said Hurricane Helene provided validation for the upgraded system by being able to direct 911 calls from areas that were devastated by the storm to other parts of North Carolina that were not affected. 'During Helene, if a citizen could reach a dial tone, even though their local 911 center may have been impacted because of infrastructure devastation, another center somewhere in the state could answer their call,' Harris said. Next Generation 911 systems aren't cheap. 'There has been no federal funding for 911,' Martin, of RapidSOS said. 'It has been in various draft formats as long as I've been doing this and it's never gotten through Congress.' There is also no federal oversight of 911, he said. 'It's really quite remarkable how well 911 works despite those challenges," Martin said. 'I think it's a testament to the people of 911, not the technology.'
15-07-2025
- Climate
A Florida county leads the way with a high-tech 911 system that improves emergency response
NAPLES, Fla. -- When an emergency happens in Collier County, Florida, the 911 calls go to one of the most high-tech communications centers in the U.S., where callers can sent text and video from the scene to dispatchers. Moving to what's known as an NG911 — or Next Generation 911 — system is a journey Sheriff Kevin Rambosk and Bob Finney, the county's director of communication, have been on for much of the past decade. It's a long way from Feb. 16, 1968, when Alabama's then-House Speaker Rankin Fite made the nation's very first 911 call in Haleyville, Alabama, on a bright red, rotary-style landline telephone. That ceremonial call came just 35 days after AT&T announced plans to use 911 as a nationwide emergency number. Today, most calls to 911 originate with cellphones, with dispatchers in upgraded centers using geo tracking to get accurate geographic locations from callers. But the response time in an emergency depends on the type of technology being used at any of the 6,000 emergency communications centers in the U.S. that receive 911 calls. There is no uniform emergency system in the U.S., so individual cities, counties, states or geographic regions are responsible for operating their own 911 call centers. While some states have fully updated to NG911 systems, others are still using legacy 911 systems that rely on antiquated equipment. 'We're just reminded in these last two weeks, with the flooding in Texas, just how important the work of 911 is,' said Michael Martin, CEO of RapidSOS, which provides infrastructure that passes critical data to emergency centers across the United States. The Collier County Sheriff's Office covers 911 calls from an area of about 2,030 square miles (5,258 square kilometers) that stretches from sandy beaches at the southernmost tip of the Gulf Coast on Florida's peninsula inland to the Everglades. It's a region that has been ravaged by hurricanes this century, including Hurricane Irma in 2017 and Hurricanes Ian and Milton most recently. That's why Sheriff Rambosk wanted a high-tech emergency operations center. 'We just believe that when we can reduce the response time using technology, it will improve safety and survivability of those calling in,' said Rambosk, who has been sheriff since 2009. 'And that's really what we're all about, keeping people safe and rescuing them when they need it.' Today 61 full-time employees and three part-timers staff two emergency operations centers around the clock. They rely on data that RapidSOS collects from connected buildings, devices, vehicles and even smart watches to send first responders to emergency scenes. The baseline data is provide free of charge to all 911 centers, Martin said. As Hurricane Helene was tracking toward north Florida last September, forecasters were predicting it could hit Tallahassee as a major Category 3 storm. Officials in Leon County, which serves the state's Capitol and nearby counties on legacy 911 equipment, reached out to Collier County, some 430 miles (692 kilometers) to the southeast, to see if they could take over emergency calls if the storm knocked their center out. Helene moved to the east of Tallahassee, but Collier County was prepared to help if needed. "Because of the partnership with Rapid SOS, they were able to create a map to where not only did we see our own calls, but we could see exactly where the calls were coming in Tallahassee,' Finney said. Collier County has also partnered with Charleston, South Carolina, as a backup 911 center. Each region is fully prepared to take on 911 calls for the other in case their emergency system goes down for any reason. It's a similar story in North Carolina, where legislation in 2017 helped establish funding for a next generation 911 system, said Pokey Harris, who serves as president of the National Association of State 911 Administrators and executive director of the North Carolina 911 Board. Harris said Hurricane Helene provided validation for the upgraded system by being able to direct 911 calls from areas that were devastated by the storm to other parts of North Carolina that were not affected. 'During Helene, if a citizen could reach a dial tone, even though their local 911 center may have been impacted because of infrastructure devastation, another center somewhere in the state could answer their call,' Harris said. Next Generation 911 systems aren't cheap. 'There has been no federal funding for 911,' Martin, of RapidSOS said. 'It has been in various draft formats as long as I've been doing this and it's never gotten through Congress.' There is also no federal oversight of 911, he said. 'It's really quite remarkable how well 911 works despite those challenges," Martin said. 'I think it's a testament to the people of 911, not the technology.'
