December 18, 2014 12:41 PM ET

Electronic Equipment, Instruments and Components

Company Overview of CPI International, Inc.

Company Overview

CPI International, Inc., through its subsidiaries, develops and markets microwave and power grid Vacuum Electron Devices (VEDs), microwave amplifiers, modulators, antenna systems, and power supply equipment and devices. It was formerly known as CPI International Acquisition, Inc. and changed its name to CPI International, Inc. on February 11, 2011. The company was founded in 2010 and is based in Palo Alto, California. CPI International, Inc. operates as a subsidiary of CPI International Holding Corp.

811 Hansen Way

Palo Alto, CA 94303-1110

United States

Founded in 2010

Phone:

650-846-2900

Key Executives for CPI International, Inc.

Chief Executive Officer
Age: 64
President
Age: 54
Chief Financial Officer
Age: 62
Vice President and President of Beverly Microwave Division
Age: 60
Vice President and President of Satcom Division
Age: 59
Compensation as of Fiscal Year 2014.

CPI International, Inc. Key Developments

CPI International, Inc. Enters into Second Supplemental Indenture to the Indenture

In connection with the consent solicitation statement distributed to holders of outstanding notes on March 5, 2014 by CPI International, Inc. in respect of the company's outstanding 8.00% Senior Notes Due 2018 issued pursuant to the Indenture, dated as of February 11, 2011 (as amended, supplemented, waived or otherwise modified, the Indenture), among the company, the guarantors party thereto and The Bank of New York Mellon Trust Company, N.A., as trustee, the company, the guarantors and the trustee entered into a second supplemental indenture to the indenture, dated as of March 12, 2014. The second supplemental indenture amends the Indenture to: increase the interest rate on the notes from 8.00% to 8.75% per annum; increase the premium for any optional redemption of the notes to (i) for redemptions prior to February 15, 2016, the make-whole premium, (ii) for redemptions from February 15, 2016 to February 14, 2017, 4% and (iii) for redemptions thereafter, 1%; increase the aggregate amount of indebtedness under the company's credit facilities that constitutes "Permitted Indebtedness" for the purpose of the limitations on additional indebtedness covenant from $230 million to $365 million; and modify the restricted payments covenant in order to allow the company to pay a one-time dividend of up to $175 million to CPI International Holding Corp. Although the second supplemental indenture has become effective, the amendments to the Indenture shall not become operative until payment by the company of the consent payment specified in the consent solicitation statement to holders of the notes who delivered a duly executed consent prior to the expiration time of the consent solicitation. The company will not pay the consent payment until the satisfaction or waiver of a number of conditions described in the consent solicitation statement, including the closing of new senior secured credit facilities comprising of a revolving credit facility of not less than $30 million and a term loan facility of not less than $310 million. Proceeds of the new credit facilities would be used to fund the Special Dividend and the refinancing of CPI's existing senior secured credit facilities. There can be no assurance that the company will be able to obtain the senior secured credit facilities.

CPI International, Inc. Secures Requisite Consents in its Consent Solicitation to Amend Indenture Governing 8% Senior Notes Due 2018

CPI International, Inc. announced that it has received the requisite consents to amend the indenture governing its $215 aggregate principal amount of 8.00% Senior Notes due 2018 pursuant to its previously announced consent solicitation, the terms and conditions of which are set forth in CPI's Consent Solicitation Statement dated March 5. CPI sought consents for proposed amendments to the Indenture that would (1) increase the aggregate amount of indebtedness under CPI's credit facilities that constitutes 'Permitted Indebtedness' for the purpose of the Limitations on Additional Indebtedness covenant from $230 million to $365 million and (2) modify the Restricted Payments covenant in order to allow CPI to pay a one-time dividend of up to $175 million to CPI International Holding Corp., the parent of CPI. In consideration for these covenant changes: CPI will make a cash payment of $25.00 per $1,000 in aggregate principal amount of Notes as to which the holder of such Notes has validly delivered a duly executed consent prior to the Expiration Time and who has not revoked the consent in accordance with the procedure described in the Consent Solicitation Statement. The interest rate on the Notes will be increased from 8.00% to 8.75% per annum; and the premium for any optional redemption of the Notes will be increased to (i) for redemptions prior to February 15, 2016, the make-whole premium, (ii) for redemptions from February 15, 2016 to February 14, 2017, 4% and (iii) for redemptions thereafter, 1%. Under the current optional redemption provisions of the Indenture, the premium is the make-whole premium prior to February 15, 2015, 4% from February 15, 2015 to February 14, 2016, 2% from February 15, 2016 to February 14, 2017 and 0% thereafter. The covenant changes and the increases to the interest rate and optional redemption prices described above are referred to collectively as the 'Proposed Amendments.

CPI International, Inc. Wins $1.11 Million Federal Contract

CPI International, Inc. won a $1,108,614 federal contract from the Defense Logistics Agency's Defense Supply Center, Columbus, Ohio, for electron tubes.

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