Virco Mfg. (VIRC) Announces New $60 Million Revolving Line of Credit
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Virco Mfg. Corporation (Nasdaq: VIRC) has entered into a new line of credit with PNC Bank in the following letter to stockholders from Robert A. Virtue, President and CEO:
I am pleased to announce that today we signed the final agreement to establish a new secured revolving line of credit of up to $60,000,000 with PNC Bank (the nation's sixth-largest depository bank by assets). The new facility funded today and we closed and paid off in its entirety our existing line of credit with Wells Fargo Bank, our financial partner for the past 24 years. Our new line of credit with PNC is structured to provide seasonal credit availability during our peak summer season...
I am pleased to announce that today we signed the final agreement to establish a new secured revolving line of credit of up to $60,000,000 with PNC Bank (the nation's sixth-largest depository bank by assets). The new facility funded today and we closed and paid off in its entirety our existing line of credit with Wells Fargo Bank, our financial partner for the past 24 years. Our new line of credit with PNC is structured to provide seasonal credit availability during our peak summer season...
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