Sevcon, Inc. Announces New $3.5 Million Secured Revolving Credit Facility

Sevcon, Inc. SEV announced today that its wholly owned subsidiary, Sevcon USA, Inc., has entered into a $3.5 million secured revolving credit facility with RBS Citizens, N.A. by entering into a Loan and Security Agreement. Sevcon USA expects to use the new revolving credit facility for working capital and for general corporate purposes. The facility, which has a three-year term, does not require amortization of principal and may be paid before maturity in whole or in part at Sevcon USA's option without penalty or premium. "Due to our prospects for future growth in the on-road electric vehicle market, we see an increasing requirement for higher levels of working capital," said Matt Boyle, Sevcon president and CEO. "The availability of this revolving credit facility will help fund this growth."