Daily News: July 9, 2012

NAPCO Closes $23.5 Million Credit Facility With HSBC

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.