CTI Industries entered into a credit agreement with PNC Bank for a credit facility in the amount of $24 million.

The facility includes a revolving credit facility of up to $18 million and a term loan facility of $6 million. The maturity date on the loans is December 2022. Proceeds from the loans will be utilized for the repayment of all outstanding loan obligations of the company to BMO Harris and BMO Private Equity (U.S.) in the aggregate amount of approximately $17 million, for working capital purposes and for the purchase of capital equipment.

CTI Industries a manufacturers and marketers of foil and latex balloons. It develops, produces and markets vacuum sealing systems for household use, produces laminated and printed films for commercial use and markets home organizing products.