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PNC Bank, SMTC Amend Revolving Credit Agreement

November 23, 2016, 07:23 AM
Filed Under: Manufacturing

SMTC Corporation, a global electronics manufacturing services provider, announced an amendment to the revolving credit and security agreement with PNC Bank.

The highlights of the current amendment include:

  • Three year extension to January 2, 2021
  • Term loan increased from current balance of $4.25 million to $10 million
  • Revolver maximum is reduced from $35 million to $30 million
  • Reduced interest margin by 0.25% on both term loan and revolving debt

Chief Executive Officer, Sushil Dhiman, stated, “We would like to thank PNC for continuing to be a great partner. This amendment reduces our interest rates, improves our liquidity by converting a portion of short term debt to long term debt and positions us well for future growth.”

For full details on the amendment see the Form 8-K filed with the Securities and Exchange Commission on November 22, 2016.

SMTC Corporation, founded in 1985, is a mid-size provider of end-to-end electronics manufacturing services (EMS) including PCBA production, systems integration and comprehensive testing services, enclosure fabrication, as well as product design, sustaining engineering and supply chain management services.

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