Ultralife Closes New Senior Secured Revolving Credit Facility

Ultralife, a company that offers products and services ranging from power solutions to communications and electronics systems, said Wednesday it has closed on a three-year $30 million senior secured revolving credit facility with a $20 million accordion feature with KeyCorp’s (KEY) KeyBank National Association.

This facility replaces the company’s $20 million asset-based revolving credit facility that had expired on May 24.
Borrowings under the facility will bear interest based on LIBOR plus 185 basis points and may vary depending on the company meeting certain financial criteria. ULBI shares were down 5.9% and KEY shares were down 1.9% in recent trading.

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