Ultralife Batteries Secures $20 Million Credit Facility
NEWARK, N.Y., Jun 29, 2000 /PRNewswire via COMTEX/ -- Ultralife Batteries, Inc. (Nasdaq: ULBI chart, msgs) today announced that the Company has secured a $20 million, three year credit facility with Congress Financial Corporation, a unit of First Union Business Credit. This asset-based loan is comprised of both a term loan component (up to a maximum of $12 million) and a revolving line of credit supported by receivables and inventories. The interest rate of the facility is 0.75% above prime (or 75 basis points), or 2.75% above LIBOR (London Interbank Offered Rate) at the Company's option.
John D. Kavazanjian, President and Chief Executive Officer of Ultralife Batteries, stated, "This important transaction gives us much greater flexibility to grow the Company. We have embarked on a very exciting mission to market our thin, lightweight and long lasting polymer rechargeable and lithium pouch battery products used in a wide array of portable electronic applications in consumer, commercial and military markets. This credit facility will enable our customers to rely on our ability to finance any required capital expansion." |
