PNC Loans Park Electrochemical $52MM to Pay Dividend
Park Electrochemical announced that it has entered into a five-year revolving credit facility agreement with PNC Bank. The credit facility agreement provides for loans of up to $52 million to the company and, subject to the terms and conditions of the agreement, an interest rate on the outstanding loan balance of LIBOR plus 1.15%.
The company said it intends to use substantially all of the funds borrowed under this credit facility to finance the payment of the special dividend.
Brian Shore, Park’s President and CEO, said, “I would like to take this opportunity to publicly thank PNC Bank for its responsiveness and support in providing the revolving credit facility which will be used to finance the payment of the special dividend. We are looking forward to working with PNC Bank in the future.”