Wells Fargo Closes New ABL with Charles & Colvard
Charles & Colvard, a global supplier of moissanite, said it has closed a new three-year $10 million asset-backed credit facility with Wells Fargo Bank.
The company said its previous credit facility with PNC Bank was terminated concurrently with the closing on the new credit facility. The new credit facility provides Charles & Colvard working capital for general corporate purposes and to pursue continued growth opportunities.
The new credit facility is secured by the company’s assets, subject to customary covenants. It carries an interest rate at Wells Fargo Bank’s three-month LIBOR rate plus 2.5%. The company currently does not have any other long-term debt and the new credit facility is undrawn.
Charles & Colvard is the global sole source of moissanite, a unique, near-colorless created gem that is distinct from other gems and jewels based on its exceptional fire, brilliance, luster, durability, and rarity.