Middlesex Savings Bank Provides Dynasil Revolver
Dynasil Corporation of America, a developer of sensing, detection and analysis technology for homeland security, medical and industrial applications, announced that it entered into an agreement with Middlesex Savings Bank to establish a revolving line of credit of up to $4 million.
Upon the closing of the loan, the company repaid in full the approximately $1.8 million owed Santander Bank and the $600,000 of accrued interest due Massachusetts Capital Resource Company, its subordinated lender.
The loan agreement provides that the revolving line of credit expires May 2017 and is secured by substantially all the company’s assets. The interest rate on the loan is equal to the Prime Rate, but in no event less than 3.25%.
“We are pleased to have completed this financing with Middlesex Savings Bank, which will allow us to move forward in a positive relationship with our banking partners,” said Peter Sulick, president and chief executive officer of Dynasil. “With our improved financial condition, we look forward to future opportunities to grow Dynasil, both organically and through acquisitions.” Additional details of the new Middlesex Savings Bank Agreement will be outlined in the company’s 8-K filing with the SEC.