First Business Capital Provides Skyline Facility
Skyline and certain of its wholly owned subsidiaries entered into a loan and security agreement with First Business Capital, providing for a renewable three-year secured revolving credit facility. Under the new credit facility, the company may obtain loan advances up to a maximum of $10 million, subject to certain collateral-obligation ratios.
Outstanding loan advances under the facility will bear interest at 3.75% in excess of The Wall Street Journal’s published one year LIBOR rate. The facility will be used to support the Company’s working capital needs and other general corporate purposes, and is secured by substantially all of the Company’s and its subsidiaries’ assets.
Skyline President and CEO Bruce Page said, “After considering a number of financing alternatives, we are pleased to have established this credit facility with First Business Capital. This credit facility is ideally suited to support the execution of our strategic plan.”
Skyline and its consolidated subsidiaries design, produce, and market manufactured housing, modular housing, and park models to independent dealers and manufactured housing communities located throughout the United States and Canada.