[SatNews] A new credit facility has been negotiated…
Globecomm Systems Inc. (NASDAQ: GCOM) has entered into a new $72.5 million committed, secured credit facility with Citibank, N.A., which continues until October 31, 2014. The new facility replaces the Company’s existing $65 million committed credit facility with Citibank. The credit facility provides for up to $50 million in term loans, a $15 million revolving credit facility, $10 million in commercial letters of credit and $30 million in standby letters of credit. The term loan portion of the credit facility has increased from the existing $40 million to $50 million, of which $26.3 million continues to remain outstanding as a result of prior Company acquisitions. The increased term loan capacity is intended to accommodate the Company’s continued growth. The credit facility will be used to provide bid bonds and performance bonds relating to projects and contracts worldwide and the revolving credit capacity supports the Company’s working capital needs.
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