Microtec increases available credit

SSN Staff  - 
Monday, April 1, 2002

ST-AUGUSTIN, Quebec-Microtec Enterprises announced that it had secured a deal that expanded its revolving credit to $65 million, bringing its total available credit to $80 million.

That increase, from loan syndicate GE Capital Canada Equipment Financing Inc., the lead manager, and the Bank of Montreal, the administrative agent, as well as from National City Bank, National Bank of Canada and Caisse Centrale Desjardins, gives Microtec $15 million to take advantage of available business opportunities, company officials said.

The available amount is taking into consideration the company's current financial obligations. The company's total credit of $80 million includes its existing subordinated debt of $15 million.

"The fact that Microtec has been able to increase its available credit at a time when most cash flow-driven companies are finding it difficult to gain access to capital speaks well about our organization's financial health," said Raymond Gilbert, president and chief executive officer of Microtec.