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MidCap Business Credit Closes $5MM Credit Facility for Blonder Tongue

October 31, 2019, 08:50 AM
Filed Under: Technology

Blonder Tongue Laboratories, Inc., the oldest designer and manufacturer of cable television video transmission technology in the USA, announced that on October 25, 2019 it consummated a $5,000,000 financing transaction with MidCap Business Credit. The new credit facility consists of a $5,000,000 revolving line of credit, matures in three years and replaces the Company's existing credit facility with Sterling National Bank, which has been terminated.

Interest on the amounts outstanding under the new credit facility is variable, based upon the three-month LIBOR rate plus a margin of 4.75%, subject to re-set each month. In addition, all amounts outstanding are secured by all of the assets of the Company and its subsidiaries, and is guaranteed by R. L. Drake Holdings, LLC and Blonder Tongue Far East, LLC, wholly-owned subsidiaries of the Company.

Eric S. Skolnik, the Company's Chief Financial Officer commented: "We are very pleased with the terms that MidCap has made available to us under the new facility. We believe that the funding terms will improve our liquidity and provide us with greater working capital to help fund our current and planned future operations."

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