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Parlex Completes Sale/Leaseback and Bank Financing Transactions
June 19, 2003 |Estimated reading time: Less than a minute
Methuen, Mass. — Parlex Corp. has completed the sale and leaseback of its facilities here and in Cranston, R.I. for $12 million, which consists of $2.65 million on a three-year interest-bearing term loan, a potential earn out of $1 million over five years and $8.35 million paid at closing.
The proceeds were used to pay down the company's working line with Fleet Bank.
In addition, the company has secured a new $10 million working capital line of credit agreement with Silicon Valley Bank. The two-year line of credit agreement replaces the Fleet Bank loan and is intended to provide the working capital necessary for projected growth through fiscal year 2005. In connection with the new loan facility, Parlex granted Silicon Valley Bank a warrant to purchase up to 250,000 shares at an exercise price of $6.885 per share.
Parlex Corp. is a world leader in the design and manufacture of flexible interconnect products.