CONCORD, Calif., May 4 /PRNewswire/ -- Pulse Systems announced today that the company has recently closed a $8.5 million credit facility through the Structured Finance Group at Fifth Third Bank. This new credit facility consists of a $7.0 million term loan and a $1.5 million revolving working capital line of credit.
"Our ability to close a credit arrangement of this scope in today's challenging banking environment speaks to the strength of the company's cash flow and its solid performance in the medical device industry over the past several years," said John Fife, Chairman of Pulse Systems LLC and Managing Partner at Chicago Venture Partners.
"Accomplishment of this major re-financing is another important milestone for Pulse Systems, and marks our continued success in carrying out our long-term business strategy for the company," commented Herb Bellucci, President and CEO of Pulse Systems.
Funds from the term loan will be used to pay off mezzanine debt incurred in the 2004 acquisition of the company by Chicago Venture Partners. The revolving line of credit is available to the company for working capital purposes and other short-term cash needs.
"One key catalyst to economic recovery is the availability of capital to creditworthy borrowers," said Neil Prendergast, senior vice president and Structured Finance Sales Manager with Fifth Third Bank. "At Fifth Third, we are committed to responsible lending for our commercial clients."
Pulse Systems provides precision laser cutting of tubular metal components for the medical device industry, including implantable devices such as endovascular stents. The company also supplies value-added finishing processes such as laser welding, electropolishing, Nitinol shape-setting, microblasting, and Class 10,000 cleanroom assembly. Pulse Systems specializes in rapid turnaround of prototype parts, and can support full production volumes through its ISO 13485:2003 / ISO 9001:2008 certified manufacturing operations. To learn more about Pulse Systems, visit www.pulsesystems.com.
|SOURCE Pulse Systems|
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