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PNC Bank Provides $24MM to CTI Industries Corp.

December 19, 2017, 08:00 AM
Filed Under: Technology
Related: PNC Bank

CTI Industries Corporation announced that on December 14, 2017 the company entered into a credit agreement with PNC Bank under which the bank extended to the company a credit facility in the aggregate amount of $24,000,000. The facility includes a revolving credit facility of up to $18,000,000 and a Term Loan Facility of $6,000,000.

The maturity date on the loans is December 2022.  Proceeds of the loans will be utilized for the repayment of all outstanding loan obligations of the Company to BMO Harris and BMO Private Equity (U.S.) in the aggregate amount of approximately $17,000,000, for working capital purposes, and for the purchase of capital equipment.

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