{"id":792984,"date":"2024-12-05T16:41:19","date_gmt":"2024-12-05T21:41:19","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/key-tronic-corporation-announces-new-credit-facilities\/"},"modified":"2024-12-05T16:41:19","modified_gmt":"2024-12-05T21:41:19","slug":"key-tronic-corporation-announces-new-credit-facilities","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/key-tronic-corporation-announces-new-credit-facilities\/","title":{"rendered":"Key Tronic Corporation Announces New Credit Facilities"},"content":{"rendered":"

\nExtends and increases access to working capital
\n<\/h2>\n
\n

SPOKANE VALLEY, Wash., Dec. 05, 2024 (GLOBE NEWSWIRE) — Key Tronic Corporation<\/strong> (Nasdaq: KTCC), a provider of electronic manufacturing services (EMS), today announced that it entered into a new financing arrangement with the Bank of Montreal and Callodine Commercial Finance which extends and increases its access to working capital through December 2029. The combined financing agreement provides up to $143 million in availability, subject to the Company\u2019s borrowing base and other limitations. The new credit agreements replace Key Tronic\u2019s asset-based line of credit with Bank of America, which was set to expire in December 2025. In connection with these agreements, the Company expects to write off approximately $0.9 million in unamortized capitalized loan fees.<\/p>\n

\u201cWe are excited to update our financing arrangements as we prepare for growth in coming years,\u201d said Tony Voorhees, Chief Financial Officer. \u201cWe believe the new financing significantly enhances our access to working capital over the next five years and address liquidity to support our long-term growth plans. Additionally, we anticipate these new facilities will lower our interest expense and provide greater financial flexibility moving forward.\u201d<\/p>\n

\n About Key Tronic<\/strong>\n <\/p>\n

Key Tronic is a leading contract manufacturer offering value-added design and manufacturing services from its facilities in the United States, Mexico, China and Vietnam. The Company provides its customers with full engineering services, materials management, worldwide manufacturing facilities, assembly services, in-house testing, and worldwide distribution. Its customers include some of the world\u2019s leading original equipment manufacturers. For more information about Key Tronic visit: www.keytronic.com.<\/p>\n

\n Forward-Looking Statements<\/strong>\n <\/p>\n

Some of the statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to those including such words as anticipates, believes, expects, will, and similar verbs, or nouns corresponding to such verbs, which may be forward looking. Forward-looking statements also include other passages that are relevant to expected future events, performances, and actions or that can only be fully evaluated by events that will occur in the future. Forward-looking statements in this release include, without limitation, the Company\u2019s statements regarding its expectations with respect to anticipated growth and the availability of financing, reduced interest expense, and financial flexibility under the new financing arrangements. There are many factors, risks and uncertainties that could cause actual results to differ materially from those predicted or projected in forward-looking statements, including but not limited to: the future of the global economic environment and its impact on our customers and suppliers; the availability of components from the supply chain; the availability of a healthy workforce; the accuracy of suppliers\u2019 and customers\u2019 forecasts; development and success of customers\u2019 programs and products; timing and effectiveness of ramping of new programs; success of new-product introductions; the risk of legal proceedings or governmental investigations relating to the previously reported financial statement restatements and related material weaknesses, the May 2024 cybersecurity incident, and the subject of the internal investigation by the Company\u2019s Audit Committee and related or other unrelated matters; acquisitions or divestitures of operations or facilities; technology advances; changes in pricing policies by the Company, its competitors, customers or suppliers; impact of new governmental legislation and regulation, including tax reform, tariffs and related activities, such trade negotiations and other risks; and other factors, risks, and uncertainties detailed from time to time in the Company\u2019s SEC filings.<\/p>\n\n\n\n\n\n
\n CONTACTS:<\/strong>\n <\/td>\n\u00a0<\/td>\nTony Voorhees<\/td>\n\u00a0<\/td>\nMichael Newman<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\nChief Financial Officer<\/td>\n\u00a0<\/td>\nInvestor Relations<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\nKey Tronic Corporation<\/td>\n\u00a0<\/td>\nStreetConnect<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n(509)-927-5345<\/td>\n\u00a0<\/td>\n(206) 729-3625<\/td>\n<\/tr>\n<\/table>\n

\"\"
\n
\n \"\"\n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

Extends and increases access to working capital SPOKANE VALLEY, Wash., Dec. 05, 2024 (GLOBE NEWSWIRE) — Key Tronic Corporation (Nasdaq: KTCC), a provider of electronic manufacturing services (EMS), today announced that it entered into a new financing arrangement with the Bank of Montreal and Callodine Commercial Finance which extends and increases its access to working capital through December 2029. The combined financing agreement provides up to $143 million in availability, subject to the Company\u2019s borrowing base and other limitations. The new credit agreements replace Key Tronic\u2019s asset-based line of credit with Bank of America, which was set to expire in December 2025. In connection with these agreements, the Company expects to write off approximately $0.9 million in unamortized capitalized loan … <\/p>\n

Continue reading “Key Tronic Corporation Announces New Credit Facilities”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-792984","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nKey Tronic Corporation Announces New Credit Facilities - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/key-tronic-corporation-announces-new-credit-facilities\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Key Tronic Corporation Announces New Credit Facilities - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Extends and increases access to working capital SPOKANE VALLEY, Wash., Dec. 05, 2024 (GLOBE NEWSWIRE) — Key Tronic Corporation (Nasdaq: KTCC), a provider of electronic manufacturing services (EMS), today announced that it entered into a new financing arrangement with the Bank of Montreal and Callodine Commercial Finance which extends and increases its access to working capital through December 2029. The combined financing agreement provides up to $143 million in availability, subject to the Company\u2019s borrowing base and other limitations. The new credit agreements replace Key Tronic\u2019s asset-based line of credit with Bank of America, which was set to expire in December 2025. 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