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Appliance Recycling Centers of America Inc. Message Board

  • iknowthetruthisoutthere iknowthetruthisoutthere Feb 27, 2013 4:44 PM Flag

    ARCI MODIFIES CREDIT AGREEMENT WITH PNC, EXTENDS $15 MILLION LINE OF CREDIT. WAIVES DEFAULT.

    The Company is pleased to report that it has agreed in principle with PNC Bank, National Association (PNC) to a modification of its credit agreement that extends the credit agreement two years and waives the default caused by being out of compliance with two financial covenants. The modification to the credit agreement has been submitted for approval by PNC. The modified terms do not impact the total amount of available borrowing, include a resetting of the financial covenants and require a minimum EBITDA through 2013. The Company expects the agreement to be completed by mid-March.
    The Company is pleased to report that it has agreed in principle with PNC Bank, National Association (PNC) to a modification of its credit agreement that extends the credit agreement two years and waives the default caused by being out of compliance with two financial covenants. The modification to the credit agreement has been submitted for approval by PNC. The modified terms do not impact the total amount of available borrowing, include a resetting of the financial covenants and require a minimum EBITDA through 2013. The Company expects the agreement to be completed by mid-March.

    "We appreciate PNC Bank's confidence in our business and we're very pleased to reach this important agreement, including extending our $15 million line of credit," said Edward R. (Jack) Cameron, president and chief executive officer of ARCA, Inc. "Their supportive partnership better enables us to meet our strategic objectives and capitalize on future growth opportunities."

 
ARCI
1.38-0.01(-0.72%)1:42 PMEDT