Xplore Technologies, a provider of rugged tablet PCs, announced that it has entered into a new $15 million three-year secured line of credit with Bank of America. The company will also move its commercial banking relationships to Bank of America.
"After a thorough review and careful selection process, we are pleased to enter into this new facility with Bank of America," said Tom Wilkinson, Chief Financial Officer of Xplore Technologies. "This new line of credit and banking relationship not only strengthens our balance sheet resources, but also expands our international and multi-currency banking capabilities in support of Xplore's global rugged tablet business."
The new line of credit is currently undrawn. The facility includes features which assess certain inventory holdings as well as accounts receivable, providing greater flexibility. The facility replaces Xplore's existing $15 million lending facility, also undrawn at present, provided by Square 1 Bank.