Micron Products, Inc. Announces New $9,500,000 Credit Facility
MICRON SOLUTIONS INC (MICR)
NASDAQ:AMEX Investor Relations:
micronsolutionsinc.com/investor-relations
Company Research
Source: GlobeNewswire
FITCHBURG, Mass., Jan. 04, 2018 (GLOBE NEWSWIRE) -- Micron Products, Inc. (“Micron”), a wholly owned subsidiary of Micron Solutions, Inc. (NYSE American:MICR), (“Micron Solutions”, collectively the “Company”) entered into a new three-year $9,500,000 Asset Based Credit and Security Agreement (the “Agreement”) with Rockland Trust Company (“Lender”), a Massachusetts trust company, replacing the Company’s previous lender. The Agreement includes a revolving line of credit of up to $5.0 million, a machinery and equipment term loan of $2.5 million and a real estate term loan of $2.0 million. The purpose of the financing is (a) to refinance the approximate $5.6 million of indebtedness owed to the Company’s previous lender, (b) to repay subordinated debt in the approximate amount of $450,000, plus interest, (c) to pay the expenses in respect of the financing, and (d) subject to the terms and conditions of the Agreement for the future general corporate purposes of the Company. “We are ple
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