Park Electrochemical has entered into a three-year revolving credit facility agreement with HSBC Bank. This credit facility agreement provides for loans of up to $75 million and letters of credit up to $2 million for the account of the company and, subject to the terms and conditions of the agreement, an interest rate on the outstanding loan balance of LIBOR plus 1.15%.

This credit facility agreement will replace the credit facility agreement that the company entered into with PNC Bank in February 2014. The company intends to borrow the entire $75 million available under the new credit facility with HSBC Bank and to use such amount together with $9 million of its own funds to repay the company’s outstanding $84 million principal amount bank loan from PNC Bank.

Meville, NY-based Park Electrochemical is a global advanced materials company which develops and manufactures high-technology digital and RF/microwave printed circuit materials. The company’s manufacturing facilities are located in Singapore, France, Kansas, Arizona and California.