According to Southwall, the credit facility will be used primarily for general working capital purposes. The Export-Import Bank of the United States Working Capital Guarantee Program guarantees $5 million of the total facility. Availability under the facility is based upon the company's accounts receivable that meet certain eligibility requirements.
"We are very pleased that we were able to obtain this replacement credit facility, despite a difficult credit market," said Michael E. Seifert, Southwall senior vice president and chief financial officer.
"Southwall has been and continues to be a valued client of our bank," said Michael Hansen, senior vice president of Pacific Business Funding. "We look forward to continuing our banking relationship with Southwall."
Southwall Secures $10 Million Line of Credit Facility
Southwall Technologies Inc., a global developer, manufacturer and marketer of thin-film coatings for the electronic display, automotive glass and architectural markets, today announced that it has secured a one-year, $10 million line of credit facility with Pacific Business Funding, a division of Cupertino National Bank which is a subsidiary of Greater Bay Bancorp.The facility replaces the company's $10 million facility that was scheduled to mature in June 2003.