Sparton Amends, Extends Credit Facility With PNC Bank
Sparton has amended its credit facility with PNC Bank to, among other changes, extend its maturity date, lower the interest rate on any advances, lower the unused line fee, and eliminate the prepayment penalty. The credit facility, which has had no funds drawn against it in the past three years, will continue to provide for maximum borrowings of $20 million.
“We are pleased to continue our strong, long-standing relationship with PNC. Extending our $20 million line with more favorable, market-based rates for the next 3 years adds to our already strong liquidity position. With our cash position at the end of the third quarter, coupled with this credit facility, Sparton has over $47 million of availability as it continues to implement its strategic growth plan,” said Cary B. Wood, president & CEO of Sparton.
Sparton Corporation is a provider of complex and sophisticated electromechanical devices with capabilities that include concept development, industrial design, design and manufacturing engineering, production, distribution, field service, and refurbishment.