inTEST, a global supplier of innovative test and process solutions for use in manufacturing and testing in key target markets which include automotive, defense/aerospace, industrial, life sciences, security and semiconductor, executed an amendment to its loan agreement with M&T Bank to expand the existing non-revolving delayed draw term loan facility by $25.5 million to $50.5 million. After borrowings of $20.5 million in the fourth quarter of 2021, this amendment raises the remaining available funding under the term loan facility to $30 million. The maturity date for draws under the expanded term loan facility has been extended to September 2027. This extension also applies to the existing $10 million line of credit, which has no borrowings.

“The expanded term loan facility provides greater financial flexibility to execute our organic and inorganic growth initiatives that are an integral part of our five-point strategy,” Duncan Gilmour, CFO and treasurer, said.

inTEST expects to use the term loan facility to fund its acquisition and growth strategy. Interest rates under the term loan facility are based on SOFR or a bank-defined base rate plus an applicable margin, depending on leverage. Currently, this equates to a rate of approximately 5.1%.