Contact: Martina Bar Kochva
48 South Service Road
Melville, NY 11747
PARK ELECTROCHEMICAL CORP. ANNOUNCES NEW REVOLVING
Melville, New York, Tuesday, January 19, 2016......Park Electrochemical Corp.
(NYSE – PKE) announced that it has entered into a three-year revolving credit
facility agreement with HSBC Bank USA, National Association. This credit
facility agreement provides for loans of up to $75 million to the Company and
letters of credit up to $2 million for the account of the Company and, subject
to the terms and conditions of the agreement, an interest rate on the
outstanding loan balance of LIBOR plus 1.15%. This credit facility agreement
will replace the credit facility agreement that the Company entered into with
PNC Bank, National Association in February 2014. The Company intends to borrow
the entire $75 million available under the new credit facility with HSBC Bank
and to use such amount together with $9 million of its own funds to repay the
Company’s outstanding $84 million principal amount bank loan from PNC Bank.
Park Electrochemical Corp. is a global advanced materials company which develops and manufactures high-technology digital and RF/microwave printed circuit materials principally for the telecommunications and internet infrastructure and high-end computing markets and advanced composite materials, parts and assemblies and low-volume tooling for the aerospace markets. Park’s core capabilities are in the areas of polymer chemistry formulation and coating technology. The Company’s manufacturing facilities are located in Singapore, France, Kansas, Arizona and California. The Company also maintains R & D facilities in Arizona, Kansas and Singapore.