Vector Security, a provider of security solutions to residential and business customers, entered into a $300 million credit agreement led by PNC Bank as administrative agent. PNC Capital Markets, Citizens Bank and Bank of America Merrill Lynch were joint lead arrangers, and PNC Markets was sole bookrunner. U.S. Bank served as syndication agent.

The credit agreement provides for a $300 million revolving credit facility commitment, with the option of requesting the lenders to increase the commitment by $100 million subject to the terms and conditions outlined in the credit agreement.

The agreement, which matures November 9, 2021, provides Vector Security with a significant increase in its borrowing capacity, along with an appealing cost of borrowing. The new credit agreement contains customary covenants, representations, warranties and events of default.

Vector Security plans to use the proceeds of the credit agreement for repayment of its existing credit agreement, for working capital purposes, for general corporate purposes, and to finance acquisitions.

“We are pleased to have the continuing support of PNC Bank and our syndicate banking partners,” said Chuck Thropp, Vector Security CFO. “The increased financial capacity, improved structure and attractive interest rate options afforded by this credit agreement, will enable Vector Security to have the financial resources to support our continued growth and finance our strategic initiatives.”