Measurement Specialties (Amex: MSS) announced today that on Friday, 31 January 2003, the Company has entered into a three-year US$15 m revolving credit facility with Fleet Capital Corporation ("FCC").
Upon closing, US$7.3 m was drawn against the FCC facility and used to reduce amounts under the US$9.3 m bridging loan previously obtained from Castletop Capital, LP ("Castletop") to US$2 m, and the term of the Castletop loan was extended to 31 January 2005.
The FCC facility is secured against substantially all of the Company's assets. Castletop's loan and security interest in the Company's assets are subordinate to those of FCC. The balance of the availability under the new credit facility will be used for operating working capital needs.
