Ultralife Corporation Closes New $30 Million Senior Secured Revolving Credit Facility
May 31 2017 - 1:52PM
Ultralife Corporation (NASDAQ:ULBI) has closed on a three-year $30
million senior secured revolving credit facility with a $20 million
accordion feature with KeyBank National Association (“KeyBank”).
This facility replaces the Company’s $20 million asset-based
revolving credit facility that had expired on May 24, 2017.
Borrowings under the facility will bear interest
based on LIBOR plus 185 basis points and may vary depending on the
Company meeting certain financial criteria.
“Upgrading to a cash-flow based credit facility of greater size
enhances our preparedness to seize new growth opportunities
organically and through acquisitions, and invest strategic cap-ex
to increase our competitive advantage. With greater financial
flexibility, we are better positioned to accelerate the operating
leverage benefits of our now validated business model,” said
Michael D. Popielec, Ultralife’s President and Chief Executive
Officer. “The new facility demonstrates our success in
significantly improving our liquidity through profitable growth and
effective working capital management. Indicative of our
strengthened financial position, as of the end of our first quarter
and for the trailing twelve-month period, we reported EPS of $0.32
and an EBITDA margin of 10.2%, along with $13.7 million of cash and
no debt. KeyBank is the ideal partner for us and we look
forward to forging a strong relationship with them.”
About Ultralife Corporation
Ultralife Corporation serves its markets with products and
services ranging from power solutions to communications and
electronics systems. Through its engineering and collaborative
approach to problem solving, Ultralife serves government, defense
and commercial customers across the globe.
Headquartered in Newark, New York, the Company's business
segments include Battery & Energy Products and Communications
Systems. Ultralife has operations in North America, Europe and
Asia. For more information, visit www.ultralifecorporation.com.
Company Contact:
Ultralife Corporation
Philip A. Fain
(315) 210-6110
pfain@ulbi.com
Investor Relations Contact:
LHA
Jody Burfening
(212) 838-3777
jburfening@lhai.com
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