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M&T Bank Provides $35MM in Credit Facilities to inTEST

October 19, 2021, 07:28 AM
Filed Under: Specialty Industries
Related: M&T Bank

inTEST Corporation, a global supplier of innovative test and process solutions for use in manufacturing and testing across a wide range of markets, including automotive, defense/aerospace, industrial, medical, semiconductor and telecommunications, executed a new five-year credit agreement with M&T Bank, which includes a $25 million non-revolving delayed draw term loan and a $10 million revolving credit facility. This new agreement replaces inTEST’s existing $10 million facility with M&T Bank, which had no borrowings.

inTEST expects to use the term loan to fund its acquisition and growth strategy and expects to use the revolving credit facility for working capital and other general corporate purposes. There are currently no borrowings under the term loan or the revolving credit facility.

"This new credit agreement allows us to capitalize on the attractive debt markets, enhances our capital structure and provides additional financial flexibility and liquidity to execute our organic and inorganic growth initiatives," commented Duncan Gilmour, Chief Financial Officer and Treasurer.

Under this agreement, interest rates are based on SOFR or a bank-defined base rate plus an applicable margin, depending on leverage. Currently this equates to a rate of approximately 2.2%. The credit facility and term loan are secured by substantially all of the Company’s assets.

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