SMTC increases Wachovia credit facility providing increased financial flexibility
Sep 26, 2006
SMTC Corporation (Nasdaq: SMTX, TSX: SMX), a global electronics manufacturing services provider, today announced that it has increased the size of its Wachovia credit facility to support the Company's continuing growth. In addition to increasing the facility from $40 million to $45 million, the terms of the credit facility have been amended to provide greater flexibility to manage working capital requirements.
"The expanded Wachovia credit facility provides SMTC with important financial flexibility to support quarter to quarter variations in working capital requirements due to dynamic customer order patterns and provides additional funding for our continuing growth," stated Jane Todd, Senior Vice President Finance and Chief Financial Officer.
"SMTC is a valued customer and we have confidence in their continued success," said Wayne Ehgoetz, President of Wachovia Capital Finance Corporation (Canada). "We plan to continue to work with SMTC to support their business needs."