Edac Technologies Corp. and TD Bank N.A. agreed to add $1.5 million to Edac’s line of credit to finance the Farmington manufacturer’s purchase of equipment and machinery, a regulatory filing shows.
Edac and TD Bank expanded their $10.5 million revolving credit pact signed last Nov. 24 to $12 million, according to Edac’s 8-K filing with the Securities and Exchange Commission.
Edac pays interest only — prime or 3.5 percent, whichever is greater — on the revolving line, beginning Monday and ending July 31, 2012.
Also, Edac, along with its Gros-Ite Industries and Apex Machine Tool Co. subsidiaries, signed for a five-year term loan for $5.4 million, at 4.52 percent interest, that is due Aug. 31, 2016, the filing states. The firms agreed to $96,000 a month in principal and interest on the debt.
The filing shows the borrowing remains secured with the assets of Edac, Grose-Ite and Apex assets, as well as a mortgage on Edac’s facility at 275 Richard St. in Newington.
