Kalibrate Technologies, a provider of strategy and technology services to the global fuel and convenience retail industry, entered into a $5 million revolving line of credit with PNC Bank.

The facility will be used for the issuance of performance bonds/letters of credit, foreign exchange facilities, potential business development opportunities and general working capital.

The facility is for a two-year term with an interest rate of 2% above LIBOR. There is a small unused facility fee of 0.25%. The facility is secured by way of an all asset pledge by the group. Fixed charge coverage ratios and funded debt to EBITDA ratios are in place and are tested on a semi-annual basis.

“We are pleased to announce the securing of a two-year revolving line of credit extension on good terms for the group,” said Bob Stein, CEO of Kalibrate. “We will use the facility to expand and grow our business.”