IntriCon Amends $12 Million Credit Facilities
August 15 2011 - 9:42AM
Business Wire
IntriCon Corporation (NASDAQ: IIN), a designer,
developer, manufacturer and distributor of miniature and
micro-miniature body-worn devices, today announced it has amended
its credit facilities with The PrivateBank and Trust Company. Terms
of the amendment included, among other things:
- Extending the term of the $8.0 million
revolving credit facility, with a subfacility for letters of
credit, to mature in August 2014; and
- Increasing the company’s term loan
facility to $4.0 million, amortized in quarterly principal
installments of $250,000, and an extension of the maturity to
August 2014.
The $12 million in credit facilities includes London Interbank
Offered Rate (LIBOR) interest rate options at varying rates based
on funded debt to EBITDA levels.
Said Mark S. Gorder, president and chief executive officer, “The
extended terms and increased borrowing capacity of our amended
credit facilities enhance IntriCon’s financial flexibility and
strengthen the company in both the short- and long-term. This
amendment reinforces The PrivateBank’s commitment to our strategic
plan and their belief in our ability to execute our growth
initiatives successfully. We’re using the facilities to fund
current growth opportunities, expand our low-cost manufacturing
footprint and meet anticipated working capital requirements.”
About IntriCon CorporationHeadquartered in Arden Hills,
Minn., IntriCon Corporation designs, develops, manufactures and
distributes miniature and micro-miniature body-worn devices. The
company is focused on three key markets: medical, hearing health,
and professional audio communications. IntriCon has facilities in
the United States, Asia and Europe. The company’s common stock
trades under the symbol “IIN” on the NASDAQ Global Market. For more
information about IntriCon, visit www.intricon.com.
Forward-Looking StatementsStatements made in this release
and in IntriCon’s other public filings and releases that are not
historical facts or that include forward-looking terminology are
“forward-looking statements” within the meaning of the Securities
Exchange Act of 1934, as amended. These forward-looking statements
may be affected by known and unknown risks, uncertainties and other
factors that are beyond IntriCon’s control, and may cause
IntriCon’s actual results, performance or achievements to differ
materially from the results, performance and achievements expressed
or implied in the forward-looking statements. These risks,
uncertainties and are detailed from time to time in the company’s
filings with the Securities and Exchange Commission, including the
Annual Report on Form 10-K for the year ended December 31, 2010.
The company disclaims any intent or obligation to publicly update
or revise any forward-looking statements, regardless of whether new
information becomes available, future developments occur or
otherwise.
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