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M&T Bank, IEC Ink Master Equipment Lease for Up to $10MM Lease line

June 15, 2020, 07:25 AM
Filed Under: Industry News

IEC Electronics Corp.  and M&T Bank on June 4 entered into a master equipment lease for a lease line of up to $10 million in lease value of equipment to the company, IEC reported in a filing with the Securities and Exchange Commission.

IEC Electronics and M&T Bank also entered into a Sixth Amended and Restated Credit Facility Agreement, which amended and restated in its entirety the Fifth Amended and Restated Credit Facility Agreement dated as of Dec. 14, 2015, as amended.

Pursuant to the Sixth Amended Credit Agreement, the company increased its revolving credit facility to an aggregate principal amount of $45 million and added provisions that allow the IEC, subject to certain requirements, to request further increases, in minimum amounts of $5 million, up to $55 million within the three years of the Closing Date.

IEC Electronics, based in Newark, NY, is a provider of electronic manufacturing services.

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