GSE Systems Announces $7.5 Million Credit Facility with Susquehanna Bank

GSE Systems, Inc.

, today announced that it has entered into a new, two-year, $7.5 million revolving line of credit with Susquehanna Bank. The new credit facility, which replaces a facility scheduled to expire in May 2012, will be used by GSE to issue stand-by letters of credit and for working capital purposes, subject to specified terms and conditions. The interest rate of the new facility is The Wall Street Journal Prime Rate, floating with a floor of 4.5%. GSE is in the process of transferring LCs in the amount of $4.5 million from its prior credit facility to the Susquehanna facility, which will reduce the availability on the facility on a dollar-for dollar basis.