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TORONTO, Nov. 22, 2016 -- SMTC Corporation (Nasdaq:SMTX), a global electronics manufacturing services provider, today announced an amendment to the revolving credit and security agreement with PNC Bank.
The highlights of the current amendment:
- Three year extension to January 2, 2021
- Term loan increased from current balance of $4.25 million to $10 million
- Revolver maximum is reduced from $35 million to $30 million
- Reduced interest margin by 0.25% on both term loan and revolving debt
Chief Executive Officer, Sushil Dhiman, stated, “We would like to thank PNC for continuing to be a great partner. This amendment reduces our interest rates, improves our liquidity by converting a portion of short term debt to long term debt and positions us well for future growth.”
For full details on the amendment see the Form 8-K filed with the Securities and Exchange Commission on November 22, 2016.
About SMTC Corporation: SMTC Corporation, founded in 1985, is a mid-size provider of end-to-end electronics manufacturing services (EMS) including PCBA production, systems integration and comprehensive testing services, enclosure fabrication, as well as product design, sustaining engineering and supply chain management services. SMTC manufacturing facilities span a broad footprint in the United States, China and Mexico. SMTC services extend over the entire electronic product life cycle from the development and introduction of new products through to the growth, maturity and end-of-life phases. SMTC offers fully integrated contract manufacturing services with a distinctive approach to global original equipment manufacturers (OEMs) and emerging technology companies primarily within industrial, computing and communication market segments. SMTC is a public company incorporated in Delaware with its shares traded on the Nasdaq National Market System under the symbol SMTX. For further information on SMTC Corporation, please visit our website at www.smtc.com (http://www.smtc.com/).
Investor Relations Information: Blair McInnis Corporate Controller Telephone: (905) 413.1222 Email: [email protected] Public Relations Information: Tom Reilly Director of Marketing Telephone: (905) 413.1188 Email: [email protected]
