Last checked at 24 Feb 2016 07:00
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: |
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Somero Enterprises, Inc. | www.somero.com |
Jack Cooney, CEO | +1 239 210 6500 |
John Yuncza, CFO |
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Howard Hohmann, EVP Sales |
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Canaccord Genuity Ltd (NOMAD and Joint Broker) |
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Bruce Garrow | +44 (0)20 7523 8000 |
Piers Coombs |
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Mark Whitmore |
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finnCap Ltd (Joint Broker) |
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Matt Goode | +44 (0)20 7220 0500 |
Carl Holmes |
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Tim Redfern |
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Redleaf Communications Ltd (Financial PR Advisor) | somero@redleafpr.com |
Rebecca Sanders-Hewett | +44 (0)20 7382 4730 |
David Ison |
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Susie Hudson |
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