NAPCO Security extends HSBC credit line to 2029 and raises revolver to $20 million
NAPCO Security Technologies and its primary bank, HSBC Bank USA, agreed on February 9, 2024 to amend and restate the existing credit agreement. The amendment extends the agreement's term to February 9, 2029 and raises the available revolving credit line from $11 million to $20 million, which gives the company more borrowing capacity for a longer period.
- Agreement term extended from June 28, 2024 to February 9, 2029
- Revolving credit line increased from $11 million to $20 million
- LIBOR benchmark rate replaced with SOFR benchmark rate
- Fourth Amended and Restated Credit Agreement filed as Exhibit 4.11