Transcat Executes $20MM Revolving Facility With M&T Bank
Transcat, a distributor of professional grade handheld test, measurement and control instruments and accredited provider of calibration, repair, inspection and other compliance services, announced that it has entered into a new secured revolving credit facility with Manufacturers and Traders Trust Company (M&T Bank).
The credit facility agreement provides a $20 million secured revolving credit facility that matures on September 20, 2015. Borrowings under the facility may be used for working capital, with up to 50% available for acquisitions. The facility also provides the flexibility to repurchase shares of the company’s common stock and the issuance of dividends.
Charles P. Hadeed, chief executive officer of Transcat, commented, “The new and expanded credit facility is a testament to our recent growth in addition to the strength of our balance sheet. We have increased our liquidity and maintain the financial flexibility needed to execute our growth strategy through acquisitions.”
The facility contains certain financial and other covenants typical for this type of facility. Transcat