Charles & Colvard Announces New PNC Credit Line
Charles & Colvard, the exclusive global supplier of moissanite, announced it closed a new $10 million secured line of credit with PNC Bank. The new line of credit provides Charles & Colvard short-term flexibility to pursue continued growth opportunities.
“By securing this line of credit from PNC Bank, Charles & Colvard is better positioned to pursue strategic initiatives and respond to the growing demand for our Forever Brilliant® moissanite gem,” said Randy N. McCullough, CEO of Charles & Colvard.
The new line of credit is expected to be used for growth initiatives and be secured by Charles & Colvard assets, subject to normal covenants. It carries an interest rate at the 1-month LIBOR rate plus 1.5 percent. The company currently does not have long-term debt.
Charles & Colvard, based in the Research Triangle Park area of North Carolina, is the global sole source of moissanite, a unique, near-colorless created gemstone that is distinct from other gemstones and jewels based on its exceptional fire, brilliance, luster, durability and rarity.