Skyline and its wholly-owned subsidiaries Homette, Layton Homes and Skyline Homes, entered into a $10 million credit agreement with JPMorgan Chase Bank.

According to a related 8-K filing, Chase will provide a three-year revolving credit facility with loan advances to the borrowers of up to a maximum of $10 million. Loan advances bear interest at either 50 basis points above Chase’s floating prime rate or 150 basis points in excess of LIBOR.

Loans are secured by the parties’ assets, now owned or hereafter acquired, except for real property and any life insurance policies owned by any of the borrower companies.

Also under the agreement, Chase agreed to issue letters of credit for the account of the borrowers not to exceed $500,000. No advances have yet been made in connection with such letters of credit.

On July 21, 2017, Skyline and its subsidiaries terminated a previous loan and security agreement with First Business Capital dated March 20, 2015 in connection with its new facility via JPMorgan Chase.