Park Electrochemical enters into $104 million credit facility with PNC

By Jennifer Chiou

New York, Feb. 19 - Park Electrochemical Corp. entered into on Feb. 12 a four-year revolving credit facility agreement with PNC Bank, NA providing for loans of up to $104 million, according to an 8-K filing with the Securities and Exchange Commission.

The agreement provides for letters of credit of up to $2 million.

Borrowings will bear interest at Libor plus 110 basis points.

Proceeds will go toward funding a special cash dividend of $2.50 per share payable on Feb. 25.

The Melville, N.Y.-based company develops and manufactures high-technology digital and RF/microwave printed circuit materials.

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