NAPCO Closes $23.5 Million Credit Facility With HSBC
Monday, July 09, 2012
NAPCO Security Technologies, Inc., a supplier of high performance electronic security equipment, has closed on a, $23 million credit facility under a new financing arrangement with its primary bank, HSBC Bank USA.
Highlights of the financing include:
Variable interest rates for both the term and revolver loans based on performance provide for reductions of between 1.75% and 2.50% as compared to the prior agreement
Estimated annual interest savings on all debt ranges from approximately $369,000 to $527,000
$11 million revolving line of credit for financing of operations
Quarterly principle payments on existing term loans of $12 million reduced by more than 50%, from $893,000 to $400,000 per quarter
Commitment through 2017
The company said in its press release, "We are very pleased with the continuing loyalty and commitment that we have with HSBC. NAPCO and HSBC have a long-standing partnership and, with this new facility, we look forward to many more years of continued growth and prosperity."
NAPCO Security Technologies, Inc. is a manufacturer of technologically advanced electronic security equipment including intrusion and fire alarm systems, access control and door locking systems.