Sun Hydraulics entered into an amended and restated credit agreement with PNC Bank as administrative agent. The new agreement increases the amount available to Sun to $300 million.

The new agreement amended a July 29, 2016 credit agreement providing up to $100 million. The new agreement is available through November 22, 2021.

The amended facility is guaranteed by High Country Tek, the company’s wholly-owned domestic subsidiary and requires any future U.S. domestic subsidiaries to join as guarantors. The facility is also secured by substantially all of the assets of Sun and its current and any future domestic subsidiaries.

The new agreement incorporates sub-facilities for swing loans up to $20 million and issuances of letters of credit up to $10 million. Swing loans and letters of credit issued decrease availability under the $300 million revolving line of credit on a dollar for dollar basis.

Interest is payable quarterly for loans under the base rate option and interest is payable on the last day of the applicable interest period. The loans under the amended and restated facility will bear interest at the Euro Rate or the base rate, plus the applicable margin based on the borrower’s leverage ratio. The applicable margin ranges from 1.25% to 2.25% for the Euro Rate and ranges from 0.25% to 1.25% for the base rate.