IntriCon Amends Domestic Credit Facilities
February 14 2014 - 12:14PM
Business Wire
Extends Term Four Years and Increases
Domestic Borrowing Capacity
IntriCon Corporation (NASDAQ:IIN), a designer, developer,
manufacturer and distributor of miniature and micro-miniature
body-worn devices, today announced it has amended its credit
facilities with The PrivateBank and Trust Company.
Terms of the amendment include, among other things:
- Extending the term loan and revolving
loan maturity date to February 28, 2018, keeping the existing term
loan amortization schedule in place;
- Increasing the eligible borrowing
capacity under the revolving line of credit facility;
- Amending the applicable base rate
margin, applicable LIBOR rate margin, applicable LOC fee and
applicable non-use fee based on the then applicable leverage ratio;
and
- Amending the funded debt to EBITDA and
fixed charge coverage financial covenants.
Said Mark S. Gorder, president and chief executive officer, "The
extended terms and increased borrowing capacity of our amended
credit facilities enhance IntriCon's financial flexibility and
strengthen the company in both the short- and long-term. This
amendment reinforces The PrivateBank’s commitment to our strategic
plan and its belief in our ability to execute our growth
initiatives successfully. We're using the facilities to fund
anticipated working capital growth requirements."
About IntriCon CorporationHeadquartered in Arden Hills,
Minn., IntriCon Corporation designs, develops and manufactures
miniature and micro-miniature body-worn devices. These advanced
products help medical, healthcare and professional communications
companies meet the rising demand for smaller, more intelligent and
better connected devices. IntriCon has facilities in the United
States, Asia and Europe. The company’s common stock trades under
the symbol “IIN” on the NASDAQ Global Market. For more information
about IntriCon, visit www.intricon.com.
Forward-Looking StatementsStatements made in this release
and in IntriCon’s other public filings and releases that are not
historical facts or that include forward-looking terminology are
“forward-looking statements” within the meaning of the Securities
Exchange Act of 1934, as amended. These forward-looking statements
may be affected by known and unknown risks, uncertainties and other
factors that are beyond IntriCon’s control, and may cause
IntriCon’s actual results, performance or achievements to differ
materially from the results, performance and achievements expressed
or implied in the forward-looking statements. These risks,
uncertainties and other factors are detailed from time to time in
the company’s filings with the Securities and Exchange Commission,
including the Annual Report on Form 10-K for the year ended
December 31, 2012. The company disclaims any intent or obligation
to publicly update or revise any forward-looking statements,
regardless of whether new information becomes available, future
developments occur or otherwise.
At IntriCon:Scott Longval, CFO,
651-604-9526slongval@intricon.comorAt PadillaCRT:Matt Sullivan,
612-455-1700matt.sullivan@padillacrt.com
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