TransAct Technologies entered into a new $10 million asset based revolving credit facility, replacing the company’s existing $20 million credit facility. According to a related 8K filed with the SEC, Siena Lending Group is providing the $10 million revolving line of credit.
The new facility bears an interest rate equal to the greatest of the prime rate plus 1.75%, the federal funds rate plus 2.25%, or 6.50%, and expires in March 2023. This capital will allow TransAct to ramp up its food service technology division with additional sales, technical, and marketing staff in support of the rollout of its BOHA! product line.
“The closing of our new $10 million credit facility will give us the needed flexibility to quickly and efficiently pursue the extremely large opportunity our food service technology division provides the company,” Bart Shuldman, chairman and CEO of TransAct, said. “We are confident in our ability to execute on this strategy as well as the many benefits that our BOHA! ecosystem provides to the food service industry.”
TransAct Technologies, a provider of software-driven technology and printing solutions for markets including food service, casino and gaming, POS automation and oil and gas.