WELLESLEY HILLS, Mass. (July 17, 2009)—American Biltrite Inc. said it completed the refinancing of its credit facility.
The new credit agreement with Wachovia Bank N.A. went into effect June 30 and provides up to $38 million in revolving and term debt.
American also Biltrite entered into financing arrangements with FGI Finance that provide up to $4 million in revolving credit for the firm's operations in Belgium and Singapore.
These actions replace an existing credit agreement that provided up to $29 million in borrowings.
American Biltrite Chairman Roger S. Marcus said the new facilities provide the company with greater liquidity and capacity to finance sales growth as the economy recovers.