Daily News: December 20, 2017

CIBC Upsizes IntriCon Facility to $6.5MM

IntriCon, a designer, developer, manufacturer and distributor of miniature and micro-miniature body-worn devices, amended its credit facilities with CIBC Bank USA.

The amendment extended the maturity of the overall loan and security agreement from February 2019 to December 2022 and increased the term loan to $6.5 million from $4.5 million, amortized in quarterly principal installments of $250,000. It also provided a CAPEX loan facility, in which the company can draw up to $2.5 million on the loan for qualifying CAPEX expenditures over the following 12 months, with monthly amortization commencing after such time.

Concurrently, IntriCon completed its acquisition of Hearing Help Express.

“CIBC has been a key partner in the growth and success of IntriCon, and we appreciate their continued support. This amendment reinforces CIBC’s commitment to our strategic plan and their belief in our ability to execute our growth initiatives successfully,” said Mark Gorder, president and CEO of IntriCon. “The revised lending structure gives us the financial flexibility to move quickly on value hearing-health opportunities that arise, and supports our thriving medical business and related working capital growth requirements.”

Arden Hill, MN-based IntriCon designs, develops, manufactures and distributes miniature and micro-miniature body-worn devices.