Amendment to Credit Facility

RNS Number : 9370P

Somero Enterprises Inc.

24 February 2016

 

24 February 2016

Somero Enterprises, Inc.

("Somero" or the "Company")

Amendment to Credit Facility

Somero is pleased to announce that it has agreed to amend its existing credit facility with Citizens Bank resulting in an increase and extension to the Company's secured revolving line of credit ("RLOC") as well as other improved terms. 

The previous US$5 million RLOC with Citizens was set to mature in March 2016.  The amendment increases the RLOC to US$10 million and extends RLOC maturity to February 2021.  There were no changes to either the term of the Company's commercial real estate mortgage that matures April 2018 or the collateral for the credit facility.  The amended credit facility continues to be subject to customary financial performance covenants.

While the Company has no current plans to utilize the RLOC, the amendment provides security of funding as the Company continues to execute its business strategy.

Enquiries:
Somero Enterprises, Inc.	www.somero.com
Jack Cooney, CEO	[phone]
John Yuncza, CFO
Howard Hohmann, EVP Sales
Canaccord Genuity Ltd (NOMAD and Joint Broker)
Bruce Garrow	[phone]
Piers Coombs
Mark Whitmore
finnCap Ltd (Joint Broker)
Matt Goode	[phone]
Carl Holmes
Tim Redfern
Redleaf Communications Ltd (Financial PR Advisor)	[e-mail]
Rebecca Sanders-Hewett	[phone]
David Ison
Susie Hudson

 

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