AirBoss gets long-term loan

TORONTO (July 24)—AirBoss of America Corp. will receive $20 million in long-term financing to retire existing debt of about $14 million and provide another approximately $6 million in additional working capital to support increasing sales, the company said. The loan is being provided by First Treasury, which is backed by a syndicate of life insurance companies, pension funds and financial institutions and provides capital to established private and public companies. The financing is repayable in monthly principal payments of $250,000 and a final payment of about $10.2 million at the end of five years. AirBoss' current operating line of credit of $18.1 million will remain intact, the company said.