Nortech Systems Extends its Bank of America Credit Facility Until June 2026
January 05 2022 - 9:41AM
Business Wire
Nortech Systems Incorporated (Nasdaq: NSYS) (the “Company”)
today is announcing that on December 31, 2021, the Company executed
a sixth amendment to its Bank of America (“BOA”) Loan and Security
Agreement (“Credit Facility”). Nortech entered into the original
agreement on June 15, 2017 and it was set to expire on June 15,
2022. Nortech and BOA have agreed to renew the Credit Facility and
extend the maturity date four years until June 15, 2026. Under the
Credit Facility, Nortech utilizes a $16 million asset-based lending
facility (“Revolver”) to finance working capital.
Nortech, in partnership with our medical, industrial and defense
customers, uses intelligence, innovation, speed and global
expertise to provide manufacturing and engineering solutions. This
enables our customers to be leaders in digital connectivity and
data management to achieve their business goals. Nortech strives to
be a premier workplace that fosters valued relationships internally
and in our communities.
About Nortech Systems
Incorporated Nortech Systems, Incorporated is a leading
provider of design and manufacturing solutions for complex
electromedical devices, electromechanical systems, assemblies, and
components. Nortech Systems primarily serves the medical, aerospace
& defense, and industrial markets. Its design services span
concept development to commercial design, and include medical
device, software, electrical, mechanical, and biomedical
engineering. Its manufacturing and supply chain capabilities are
vertically integrated around wire/cable/interconnect assemblies,
printed circuit board assemblies, as well as system-level assembly,
integration, and final test. Headquartered in Maple Grove, Minn.,
Nortech currently has seven manufacturing locations and design
centers across the U.S., Latin America, and Asia. Nortech Systems
is traded on the NASDAQ Stock Market under the symbol NSYS.
Nortech’s website is www.nortechsys.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220105005302/en/
Chris Jones, CFO cjones@nortechsys.com 952-345-2244
Nortech Systems (NASDAQ:NSYS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Nortech Systems (NASDAQ:NSYS)
Historical Stock Chart
From Jul 2023 to Jul 2024