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TESSCO Technologies Announces New $75 Million ABL Facility, Extending Maturity to 2024
November 2, 2020
Improves Financial Flexibility to Support Growth Strategy
TESSCO Technologies Incorporated (NASDAQ: TESS), a leading value-added distributor and solutions provider for the wireless industry, today announced that it has entered into a new asset-based revolving credit facility (“ABL Facility”). The new facility provides TESSCO with up to $75 million in revolving credit, maturing in January 2024. This replaces the existing ABL facility, which was set to mature on October 19, 2021.
“This new ABL facility provides us with solid financial flexibility to execute on our strategic initiatives and capitalize on exciting growth opportunities in the wireless industry,” said Chief Financial Officer Aric Spitulnik. “Our ability to acquire a new and extended credit facility during this challenging time in the credit markets speaks well to the confidence our creditors have in our management team and growth strategy.”
About TESSCO Technologies Incorporated (NASDAQ: TESS)
TESSCO Technologies, Inc. (NASDAQ: TESS) is a value-added technology distributor, manufacturer, and solutions provider serving commercial customers in the wireless infrastructure ecosystem. The Company was founded more than 30 years ago with a commitment to deliver industry-leading products, knowledge, solutions, and customer service. Tessco supplies more than 46,000 products from 350 of the industry’s top manufacturers in mobile communications, Wi-Fi, Internet of Things (“IoT”), wireless backhaul, and more. Tessco is a single source for outstanding customer experience, expert knowledge, and complete end-to-end solutions for the wireless industry. For more information, visit www.tessco.com.
TESSCO Technologies Incorporated
Chief Financial Officer
Sharon Merrill Associates
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