The three-year credit arrangement with AloStar Business Credit of Birmingham, Alabama, has an interest rate of 30-day LIBOR plus 4.25%, with a 1.0% LIBOR floor. Credit terms include financial and other covenants typical for loans secured by fixed and other assets, as well as eligible trade receivables and inventories.
Broadwind used proceeds of the new credit facility to refinance two existing credit facilities and certain other debt, as well as to pay fees and expenses related to it.
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