Vector Security Enters Into $300M Credit Agreement
Vector says the credit facility will be used for repayment of existing credit agreement, for working capital and general corporate purposes, and to finance acquisitions.
PITTSBURGH, Pa – Vector Security, a provider of security solutions to both residential and business customers, announced it has entered into a $300 million credit agreement led by PNC Bank, N.A.
Pam Petrow, president and CEO of Vector Security says, “Our ability to close on this new credit facility is a testament to the consistent performance, reputation and strong management team Vector Security has built over the past 43 years.
More About Vector’s Credit Agreement
The credit agreement provides for a $300 million revolving credit facility commitment, with the option of requesting the lenders to increase the commitment by $100 million subject to the terms and conditions outlined in the credit agreement. The credit agreement, which matures November 9, 2021, provides Vector Security with a significant increase in its borrowing capacity, along with an appealing cost of borrowing.
The new credit agreement contains customary covenants, representations and warranties, and events of default. Vector Security plans to use the proceeds of the credit agreement for repayment of its existing credit agreement, for working capital purposes, for general corporate purposes, and to finance acquisitions.
“We are pleased to have the continuing support of PNC Bank and our syndicate banking partners,” says Chuck Thropp, Vector Security CFO. “The increased financial capacity, improved structure, and attractive interest rate options afforded by this credit agreement, will enable Vector Security to have the financial resources to support our continued growth and finance our strategic initiatives.”
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