From Earlier: StarTek Announces an Expanded $20 Million Credit Facility with Wells Fargo Bank

StarTek, Inc. SRT yesterday announced that it has signed an agreement with Wells Fargo Bank, N.A. for a three-year $20 million secured revolving credit facility. The amount the Company may borrow under the revolving credit facility is subject to a borrowing base calculation, and has an initial availability of $10 million, with the flexibility to borrow up to $20 million at the Company's option. The facility will replace the Company's $7.5 million secured line of credit with UMB Bank, which was to expire in August 2012. The interest rate on borrowings will decrease from LIBOR plus 3.75% to LIBOR plus 2.50%-3.00% under the new agreement.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: NewsFinancing
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!