Globecomm
Increases
Credit
Facility
with
Citibank
3
June
2010
Globecomm
Systems
Inc,
a
leading
global
provider
of
satellite-based
communications
infrastructure
solutions
and
services,
announced
today
that
Citibank,
N.A.
increased
the
Company’s
committed
credit
facility
from
$50
million
to
$65
million
and
renewed
the
facility
for
one
year.
The
credit
facility
accommodates
documentary
and
standby
letters
of
credit,
term
loans,
foreign
exchange
transactions,
and
also
includes
a
revolving
credit
facility.
The
increase
in
the
term
loan
portion
of
the
facility
from
$25
million
to
$40
million,
in
particular,
will
accommodate
the
Company’s
continued
growth.
The
credit
facility
will
be
used
to
issue
bid
bonds
and
performance
bonds
relating
to
projects
and
contracts
worldwide,
term
loans
for
potential
acquisitions,
and
also
supports
the
Company’s
working
capital
needs.
As
of
the
date
of
Amendment,
there
was
$12.1
million
outstanding
and
unpaid
under
the
term
loan
line.
The
Credit
Facility
will
be
available
until
May
26,
2011.
Andy
Melfi,
Senior
Vice
President
and
Chief
Financial
Officer
of
Globecomm
Systems
Inc.,
said:
“As
the
Company
grows
and
pursues
acquisitions
Citibank
continues
to
provide
a
stable
source
of
liquidity,
as
well
as
significant
expertise
and
resources
in
global
financial
markets.”
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