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NIL Funding Provides Upsize to Vicon Industries

April 24, 2017, 07:08 AM
Filed Under: Security Systems
Related: Security Systems

Vicon Industries, Inc. a producer of end-to-end security solutions, announced that it has entered into an amended and restated credit agreement with NIL Funding Corporation, its secured lender.

Under the amended agreement, the company can borrow up to $4 million under a sub-line of credit that is not subject to a borrowing base formula, and can borrow up to an additional $2 million to the extent it has sufficient ?eligible accounts receivable to support such borrowings. Prior to the amendment, $4 million of the $6 million credit facility was subject to a borrowing base formula. The amended credit agreement also extends the maturity date of the credit facility to April 2, 2019, and reduces the Companys minimum tangible net worth requirement.

In connection with the amended agreement, NIL Funding was issued a three-year warrant to purchase 1.5 million shares of Vicon common stock at a price of $.40 per share. NIL Funding Corporation is an affiliate of The InterTech Group, Inc., headquartered in South Carolina. The InterTech Group is a privately-held holding company and operator of a diverse and global group of companies.

"InterTech has been a Vicon investor for many years now and believes that the Company is positioned to regain its technology edge and regrow its business," said The InterTech Groups Executive Vice President and Chief Strategy Officer, Robert Johnston. "We are also excited about Vicons evolving technology focus and its long term business prospects."

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