AMITYVILLE, N.Y., July 9, 2012 /PRNewswire/ -- NAPCO Security Technologies, Inc., (NASDAQ: NSSC), one of the world's leading suppliers of high performance electronic security equipment for over 30 years, has closed on a, $23,500,000 credit facility under a new financing arrangement with its primary bank, HSBC Bank USA, N.A..
Highlights of the financing include:
- Variable interest rates for both the term and revolver loans based on performance provide for reductions of between 1.75% and 2.50% as compared to the prior agreement.
- Estimated annual interest savings on all debt ranges from approximately $369,000 to $527,000.
- $11,000,000 revolving line of credit for financing of operations.
- Quarterly principle payments on existing term loans of $12,500,000 reduced by more than 50%, from $893,000 to $400,000 per quarter.
- Commitment through 2017.
Mr. Soloway stated, "We are very pleased with the continuing loyalty and commitment that we have with HSBC. NAPCO and HSBC have a long-standing partnership and, with this new facility, we look forward to many more years of continued growth and prosperity."
About NAPCO Security Technologies, Inc.
NAPCO Security Technologies, Inc. is one of the world's leading manufacturers of technologically advanced electronic security equipment including intrusion and fire alarm systems, access control and door locking systems. The Company consists of NAPCO plus three wholly-owned subsidiaries: Alarm Lock, Continental Instruments, and Marks USA. The products are installed by security professionals worldwide in commercial, industrial, institutional, residential and government applications. NAPCO products have earned a reputation for technical excellence, reliability and innovation, poising the Company for growth in the rapidly expanding electronic security market, a multi-billion dollar market.
For additional information on NAPCO, please visit the Company's web site at www.napcosecurity.com.
This press release contains forward-looking statements that involve numerous risks and uncertainties. Actual results, performance or achievements could differ materially from those anticipated in such forward-looking statements as a result of certain factors, including those set forth in the Company's filings with the Securities and Exchange Commission.
James Carbonara, Regional Vice President
Wolfe Axelrod Weinberger Assoc. LLC
(212) 370-4500; (212) 370-4505
SOURCE NAPCO Security Technologies, Inc.