IEC Amends and Extends Bank Agreement
NEWARK, NY -- (Marketwire) -- 01/25/13 -- IEC Electronics Corp.
(NYSE MKT: IEC) today announced that it has amended its credit
facility with Manufacturers and Traders Trust Company ("M&T Bank")
to, among other changes, convert a portion of its long term and
revolving debt to term loans with fixed or effectively fixed rates,
lower the interest rate range on certain existing and new advances,
extend certain maturity dates, lower the range of unused line fees,
and eliminate excess cash flow prepayment requirements. Additionally,
the revolving credit facility will continue to provide for maximum
borrowings of $20 million.
Details of the new credit facility can be found on Form 8-K filed
with the Securities and Exchange Commission.
Vincent A. Leo, Chief Financial Officer, stated, "We are pleased to
finalize the latest amendment to our credit agreement with M&T which,
among other benefits, allowed us to lock in very favorable rates on
our debt. The continued commitment from M&T to provide IEC with a
solid banking relationship is extremely valuable to our team."
About IEC Electronics
IEC Electronics Corporation is a premier
provider of electronic manufacturing services ("EMS") to advanced
technology companies primarily in the military and aerospace,
medical, industrial and computing sectors. The Company specializes in
the custom manufacture of high reliability, complex circuit cards,
system level assemblies, a wide array of custom cable and wire
harness assemblies, precision sheet metal products, and advanced
research and testing services. As a full service EMS provider, IEC is
a world-class ISO 9001:2008, AS9100 and ISO13485 certified company.
The AS9100 certification enables IEC to serve the military and
commercial aerospace markets. The ISO13485 certification supports the
quality requirements of medical device markets. The Company is also
ITAR registered and NSA approved under the COMSEC standard. Dynamic
Research and Testing Laboratory (DRTL) the Company's newest business
unit, is an ISO 17025 accredited laboratory specializing in the
testing and detection of counterfeit electronic parts, as well as
component risk mitigation and advanced failure analysis for
counterfeit electronics parts. IEC Electronics is headquartered in
Newark, NY (near Rochester) and also has operations in Victor, NY,
Rochester, NY, Albuquerque, NM and Bell Gardens, CA. Additional
information about IEC can be found on its web site at
John Nesbett or Jennifer Belodeau
Institutional Marketing Services (IMS)
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