Ultralife Batteries Secures Credit Facility with Congress FinancialJune 29, 2000 by Jeff Shepard
Ultralife Batteries Inc. (Newark, NY) announced that it has secured a $20.0 million, three-year credit facility with Congress Financial Corporation, a unit of First Union Business Credit. The asset-based loan is comprised of both a term loan component (up to a maximum of $12.0 million) and a revolving line of credit supported by receivables and inventories. The interest rate of the facility is 0.75 percent above prime (or 75 basis points), or 2.75 percent above London Interbank Offered Rate at the company's option."This important transaction gives us much greater flexibility to grow the company," said John D. Kavazanjian, president and CEO of Ultralife Batteries. "We have embarked on a very exciting mission to market our thin, lightweight and long lasting polymer rechargeable and lithium pouch battery products used in a wide array of portable electronic applications in consumer, commercial and military markets. This credit facility will enable our customers to rely on our ability to finance any required capital expansion."