Artaflex Completes ABL Refinancing With RBC
Artaflex announced that it has closed, effective May 24, 2012, a refinancing of a $10 million asset-based credit facility with Royal Bank of Canada (RBC), which represents a consolidation of, and increase to, separate asset-based credit facilities that Artaflex and Artaflex’s predecessor Adeptron Technologies Corporation each previously had with RBC. The asset-based credit facility matures on March 20, 2014.
Loans under the asset-based credit facility are available by way of Canadian dollar loans and U.S. dollar loans, which bear interest at RBC’s prime rate or U.S. base prime rate, respectively, plus 175 bps. Letters of credit are also available under the asset-based credit facility.
The company also hired Frank Skerlj as its new CFO. Skerlj replaces Jonathan Szczur as CFO of Artaflex and Artaflex’s predecessor Adeptron Technologies Corporation.
“We very pleased with the terms of the refinanced asset-based credit facility and are pleased to continue our relationship with RBC and look forward to working with RBC in the future. The asset-based credit facility will positively support operations and the future growth of our business,” commented Skerlj.
Artaflex is a specialist at delivering integrated product solutions and support to the global technology and electronics industry.