Ultralife secures $35M 3-year credit line, replaces current credit line of same size
By APThursday, February 18, 2010
Ultralife gets $35 million credit line
NEWARK, N.Y. — Ultralife Corp., which makes batteries and power products, said Thursday that it secured a three-year $35 million credit facility with RBS Business Capital, a unit of Citizens Financial Group.
The company said the credit line is a senior secured asset-based revolving credit facility. It replaces a senior secured revolving credit facility of the same size that Ultralife had with JPMorgan Chase Bank and Manufacturers and Traders Trust Co.
The company said the new credit line has a $10 million opening balance.
Shares fell 3 cents to $4.14 in afternoon trading.
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