Park Electrochemical repays credit agreement after tax changes

By Sarah Lizee

Olympia, Wash., Jan. 4 – Park Electrochemical Corp. repaid and terminated its credit agreement dated Jan. 15, 2016 with HSBC Bank USA, NA on Wednesday, according to an 8-K filing with the Securities and Exchange Commission.

The company used cash balances to fully repay the outstanding principal and interest for a total of $68,778,340.53.

The credit agreement was set to expire on Jan. 26, 2019.

The change in the U.S. tax code provided by the Tax Cuts and Jobs Act allowed the company to repatriate foreign accumulated income at a lower effective tax rate, the filing noted.

The act, which was passed in December, provides an incentive for U.S. companies to repatriate accumulated income earned in foreign jurisdictions at a reduced U.S. income tax expense.

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

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