ARC Announces Closing of New Asset Based Credit Facility

ARC ARC today announced that it has closed a new asset based senior secured credit facility with Wells Fargo Bank, National Association that was arranged by Wells Fargo Capital Finance, LLC. The committed size of the new facility is $50 million and includes a $10 million "accordion" provision that may be used to increase the borrowing capacity to $60 million. The initial term of the facility is four and a half years and has no financial covenants unless there is less than $10 million of excess availability. The new facility replaces ARC's existing and undrawn $50 million revolving credit line.