SPRINGFIELD, Mo., Oct. 3, 2011 (GLOBE NEWSWIRE) -- Paul Mueller Company (Pink Sheets:MUEL) announced today that it has entered into an agreement with PNC Bank N.A. for a new, three-year, $20 million revolving credit facility.
This credit facility replaces a $20 million revolving credit facility, with another lender, that was scheduled to expire in January, 2012. The agreement also provides for a $4 million term loan to replace term loans previously outstanding with an additional lender.
The new revolving credit facility is subject to customary covenants such as borrowing base and asset coverage restrictions, limitations on certain types of corporate transactions, and performance milestones. The Company believes that the facility provides the Company the financial flexibility it needs to carry out its business plans over the next several years.
Paul Mueller Company is a manufacturer of high quality stainless steel equipment used in over 100 countries worldwide on dairy farms and in a wide variety of industrial applications, including food, dairy, and beverage processing; pharmaceutical, biotechnological, and chemical processing; water distillation; heat transfer; heat recovery; HVAC; and process cooling.