IntriCon Corporation (NASDAQ: IIN), a designer, developer, manufacturer and distributor of miniature and micro-miniature body-worn devices, announced today that it has amended its credit facilities with The PrivateBank.
Highlights of the amendment include:
- Increasing IntriCon’s term loan to $6.0 million from its current balance of $4.0 million, amortized in quarterly principal installments of $250,000;
- Increasing IntriCon’s revolving credit facility capacity to $9.0 million from its current capacity of $8.0 million;
- Raising the inventory cap on the borrowing base from $3.5 million to $4.0 million. Under the revolving credit facility as amended, the availability of funds depends on a borrowing base composed of stated percentages of the Company’s eligible trade receivables and inventory, less a reserve; and
- Amending the leverage ratio financial covenants, effective March 31, 2016.
Said Mark S. Gorder, president and chief executive officer, "The higher borrowing capacity of our amended credit facilities is an important step in advancing our future plans. As we look ahead, we are evaluating several options to enhance our infrastructure and secure channel partners in the emerging value hearing health, or VHH, channels. Further, continued core technology investments—including development of ultra-low-power wireless technology aimed to increase efficiencies and access through innovative VHH distribution channels and medical biotelemetry markets—are essential to our long-term success.
“We are pleased with the continued support of The PrivateBank. This amendment reinforces The PrivateBank’s partnership with IntriCon, commitment to our strategic plan and belief in our ability to execute our growth initiatives successfully. The revised lending structure enhances management’s ability to move quickly on VHH opportunities that arise and support related working capital growth requirements.”
About IntriCon Corporation
Headquartered in Arden Hills,
Minn., IntriCon Corporation designs, develops and manufactures miniature
and micro-miniature body-worn devices. These advanced products help
medical, healthcare and professional communications companies meet the
rising demand for smaller, more intelligent and better connected
devices. IntriCon has facilities in the United States, Asia and Europe.
The company’s common stock trades under the symbol “IIN” on the NASDAQ
Global Market. For more information about IntriCon, visit www.intricon.com.
Forward-Looking Statements
Statements made in this release
and in IntriCon’s other public filings and releases that are not
historical facts or that include forward-looking terminology are
“forward-looking statements” within the meaning of the Securities
Exchange Act of 1934, as amended. These forward-looking statements may
be affected by known and unknown risks, uncertainties and other factors
that are beyond IntriCon’s control, and may cause IntriCon’s actual
results, performance or achievements to differ materially from the
results, performance and achievements expressed or implied in the
forward-looking statements. These risks, uncertainties and other factors
are detailed from time to time in the company’s filings with the
Securities and Exchange Commission, including the Annual Report on Form
10-K for the year ended December 31, 2015. The company disclaims any
intent or obligation to publicly update or revise any forward-looking
statements, regardless of whether new information becomes available,
future developments occur or otherwise.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160415005894/en/
Contacts:
Scott Longval, CFO, 651-604-9526
slongval@intricon.com
or
At
PadillaCRT:
Matt Sullivan, 612-455-1709
matt.sullivan@padillacrt.com