Blonder Tongue Laboratories Inc. said Friday that it signed a commitment letter with National City Business Credit to refinance its existing indebtedness with Commerce Bank.
The broadband-systems-equipment vendor said the refinancing consists of a $10 million asset-based revolving line of credit and a $3.5 million amortizing term-loan facility. The term-loan facility will require principal payments of $19,444 on a monthly basis. The refinancing matures in three years from the date of closing. All of the company’s assets will secure the $13.5 million facility.
Blonder Tongue anticipates closing on the facility during the fourth quarter of 2005.