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Advanced Photonix, Inc.
Advanced Photonix, Inc. Announces New Banking Relationship and an Increase in Credit Facility
October 17th, 2008
Advanced Photonix, Inc. (AMEX:API) announced that it has established a new credit facility with The PrivateBank and Trust Company, headquartered in Chicago, IL. As part of this new banking relationship, the Company has repaid the short term note and line of credit previously held by Fifth Third Bankcorp Trust. The new credit facility is comprised of a four year term note of approximately $1.8 million at prime plus 1%, and a three year $3 million revolving line of credit at prime plus 1%. Richard Kurtz, President and CEO commented, "We are pleased to have established this new relationship with a strong regional bank like The PrivateBank. Given the current state of the...
Source: Health Business Week (2008-10-17)
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