Daily News: December 7, 2017

BofA Agents $15MM Term Loan for AstroNova

AstroNova amended its credit agreement with Bank of America as administrative agent to include a $15 million term loan and reduce the amount of the revolving credit facility to $10 million.

According to a related 8-K filing, the company borrowed the entire U.S. term loan upon the closing of the second amendment on November 30, 2017 and used the proceeds thereof to repay the entire $14.6 million principal balance of the revolving loans outstanding under the revolving credit facility. The remaining proceeds were retained by the company to be used for its general corporate purposes.

Under the second amendment, the principal amount of the revolving credit facility, which had been temporarily increased to $15 million under the first amendment, was reduced to $10 million effective upon the closing of the second amendment, and the revolving credit facility termination and maturity date was extended from January 31, 2022 to November 22, 2022.