Park Electrochemical enters into $75 million credit facility with HSBC

By Tali Rackner

Norfolk, Va., Jan. 19 – Park Electrochemical Corp. entered into an up to $75 million three-year revolving credit facility agreement with HSBC Bank USA, NA, according to a press release.

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

Borrowings will bear interest at Libor plus 115 basis points.

The agreement replaces the credit facility agreement dated February 2014 via PNC Bank, NA.

Park intends to borrow the entire $75 million available and to use such amount, together with $9 million of its own funds, to repay its outstanding $84 million principal amount bank loan from PNC Bank.

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

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