Park Electrochemical Corp. Declares Special Cash Dividend, Payable on February 26, 2013; Enters into Five-Year Revolving Credit Facility Agreement with PNC Bank, National Association
The company also announced that it has entered into a five-year revolving credit facility agreement with PNC Bank, National Association. The credit facility agreement provides for loans of up to $52 million to the company and, subject to the terms and conditions of the agreement, an interest rate on the outstanding loan balance of LIBOR plus 1.15%. The company intends to use substantially all of the funds borrowed under this credit facility to finance the payment of the special dividend.