SMTC amended its revolving credit and security agreement with PNC Bank. The term loan was increased from $4.25 million to $10 million. The revolver was reduced from $35 million to $30 million.

The term of the facility was extended to January 2, 2021 and the interest margin was reduced by 0.25% on both the term loan and the revolver.

Chief Executive Officer Sushil Dhiman said, “We would like to thank PNC for continuing to be a great partner. This amendment reduces our interest rates, improves our liquidity by converting a portion of short term debt to long term debt and positions us well for future growth.”

SMTC offers contract manufacturing services with a distinctive approach to global original equipment manufacturers  and emerging technology companies primarily within industrial, computing and communication market segments.