IEC Electronics amends, extends bank agreement

theflyonthewall.com

IEC Electronics announced that it has amended its credit facility with Manufacturers and Traders Trust to, among other changes, convert a portion of its long term and revolving debt to term loans with fixed or effectively fixed rates, lower the interest rate range on certain existing and new advances, extend certain maturity dates, lower the range of unused line fees, and eliminate excess cash flow prepayment requirements. Additionally, the revolving credit facility will continue to provide for maximum borrowings of $20M.

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