AstroNova (ANI) entered into a credit agreement with Bank of America as lender. ANI ApS, a Danish private limited liability company and wholly-owned subsidiary of the company, and Trojanlabel ApS, a Danish private limited liability company and wholly-owned subsidiary of ANI and the company entered into a related security and pledge agreement with the lender.

The credit agreement provides for a term loan to ANI in the amount of $9.2 million and a $10 million revolving credit facility for general corporate purposes. Revolving credit loans may be borrowed, at the company’s option, in U.S. Dollars or Euros, British Pounds, Canadian Dollars or Danish Krone. The revolving credit facility includes a sublimit for the issuance of letters of credit. ANI borrowed the entire term loan at closing. No amount was drawn under the revolving credit facility at closing.

Amounts borrowed under the revolving credit facility bear interest at a rate per annum equal to either the LIBOR rate plus a margin that varies within a range of 1.0% to 1.5% based on the company’s consolidated leverage ratio, or a fluctuating reference rate equal to the highest of either the federal fund rate plus 0.50%, Bank of America’s publicly announced prime rate or the LIBOR rate plus 1.00%, plus a margin that varies within a range of 0.0% to 0.5% based on the company’s consolidated leverage ratio.

ANI’s obligations in respect of the term loan are guaranteed by the company and Trojanlabel. The company’s obligations in respect of the revolving credit facility and its guarantee in respect of the term loan are secured by substantially all of the assets of the company.