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  • Thursday, April 25, 2024

GTEC Locks Up Nine-Figure Revolving Credit Facility

GTEC (NASDAQ: GTEC) has released the following financial announcement:

“[The firm has] entered into a $100 million revolving credit facility on Dec. 10, 2010 with a syndicate of banks led by SunTrust Bank and Wells Fargo. The facility matures on Dec. 10, 2013 and provides GTEC with the flexibility to execute the acquisition of Signature Government Solutions, LLC, which is expected to close before the end of the fourth quarter of 2010. The new revolving credit facility has an up to $40 million accordion feature to allow for additional expansion as necessary in the future and replaces the previous $50 million agreement entered into in Feb. 2010. The new revolving credit facility will enable GTEC to fund continued organic growth and complete potential future strategic acquisitions in line with its growth strategy.”

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