Daily News: December 4, 2015

HSBC Amends Credit Facility for Firan Technology


Firan Technology Group (FTG) announced it has renewed and amended its banking agreement with HSBC Bank Canada.

The new committed four-year credit facility is a combination of:

  • $16 million, 4-year committed operating facility, revolving and non-revolving facilities
  • $37 million foreign exchange and precious metals forward contracts lines
  • $10 million interest swap line

“We are extremely pleased about our new banking facilities with HSBC and their ability to support FTG’s operations in Canada, the U.S. and China. The entire HSBC team has continued to demonstrate an eagerness, flexibility and desire to continue to partner with a high tech firm of our size. This agreement will support the corporation in achieving its long term international growth and expansion objectives”, stated Joe Ricci, vice president and chief financial officer of FTG.

Toronto-based FTG is an aerospace and defense electronics product and subsystem supplier to customers around the globe.