IntriCon Amends Domestic Credit Facilities
March 31 2015 - 4:00PM
Business Wire
Increases Domestic Borrowing Capacity and
Improves Financial Flexibility
IntriCon Corporation (NASDAQ:IIN), a designer, developer,
manufacturer and distributor of miniature and micro-miniature
body-worn devices, announced today that it has amended its credit
facilities with The PrivateBank.
Highlights of the amendment include:
- Increasing IntriCon’s term loan to $5.0
million from its current balance of $1.75 million, amortized in
quarterly principal installments of $250,000;
- Lowering interest rates on the term
loan and revolving loan compared to the company’s existing
facility;
- Extending the term loan and revolving
loan maturity date to February 28, 2019;
- Increasing the annual capital
expenditure limit to $4.5 million; and
- Implementing investment provisions that
allow for up to $4.0 million in investment spending prior to
requiring bank approval.
Said Mark S. Gorder, president and chief executive officer, "As
we continue to aggressively pursue significant revenue
opportunities in the value hearing health, or VHH, and medical
biotelemetry markets, financial flexibility is critical. The
expansion of our VHH business requires the company to establish
infrastructure and secure channel partners to capitalize on the
rapidly emerging market. Additionally, core technology
investments—including development of ultra-low-power wireless
technology aimed at increasing efficiencies and access to the
emerging VHH distribution channel and medical biotelemetry
markets—are essential to our long-term success.
“Working with our partners at The PrivateBank, we have created a
lending structure that provides broader flexibility and enhances
management’s ability to move quickly on opportunities that arise.
This amendment reinforces The PrivateBank’s commitment to our
strategic plan and its belief in our ability to execute our growth
initiatives successfully.”
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, 2014. 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, 612-455-1709matt.sullivan@padillacrt.com
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