HEICO Corporation (NYSE: HEI.A)(NYSE: HEI) increased its unsecured revolving credit facility to $2.2 billion, representing a $200 million expansion from the previous $2 billion limit, according to a company statement.

The facility is arranged through a banking syndicate led by Truist Bank, Bank of America, Wells Fargo, PNC, TD Bank, and Crédit Agricole, with participation from Huntington, JPMorgan, RBC, and M&T Bank. The maturity date has been extended to 2031.

The facility includes an accordion feature that allows expansion to $3 billion under certain circumstances. Interest rates are set at the Secured Overnight Financing Rate plus 75 to 125 basis points, indexed to HEICO's investment grade rating.

HEICO plans to use proceeds primarily for acquisitions and general business purposes. The company has completed over 110 acquisitions since 1996.

"Expanding the credit facility to $2.2 billion gives us meaningful runway to keep doing what we do best: finding great businesses and welcoming them into the HEICO family," said Co-Chairmen and Co-Chief Executive Officers Eric A. Mendelson and Victor H. Mendelson.

Chief Financial Officer Carlos L. Macau, Jr. noted that extending the maturity to 2031 at attractive pricing reflects the strength of HEICO's balance sheet and cash flow.

HEICO operates in aviation, defense, space, medical, telecommunications and electronics industries through its Flight Support Group and Electronic Technologies Group divisions.