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FTG Secures New and Amended Credit Facilities
December 2, 2015 | Firan Technology Group CorporationEstimated reading time: 1 minute
Firan Technology Group Corporation announced today that it has renewed and amended its banking agreement with HSBC Bank Canada. The new committed four-year credit facility is a combination of:
- U.S. $16,000,000 4-year committed Operating Facility, Revolving and Non-Revolving facilities.
- U.S. $37,000,000 Foreign Exchange and Precious Metals Forward Contracts Lines.
- U.S. $10,000,000 Interest Swap Line.
“We are extremely pleased about our new banking facilities with HSBC and their ability to support FTG’s operations in Canada, the US and China. The entire HSBC team has continued to demonstrate an eagerness, flexibility and desire to continue to partner with a high tech firm of our size. This agreement will support the Corporation in achieving its long term international growth and expansion objectives”, stated Mr. Joe Ricci, Vice President and Chief Financial Officer of FTG.
“These banking facilities are extremely important to FTG as they will help us to move forward with our internal and external international growth plans”, added Mr. Brad Bourne, President and Chief Executive Officer.
About Firan Technology Group Corporation
FTG is an aerospace and defense electronics product and subsystem supplier to customers around the globe. FTG has two operating units:
FTG Circuits is a manufacturer of high technology, high reliability printed circuit boards. Our customers are leaders in the aviation, defense, and high technology industries. FTG Circuits has operations in Toronto, Ontario, Chatsworth, California and a joint venture in Tianjin, China.
FTG Aerospace manufactures illuminated cockpit panels, keyboards and sub-assemblies for original equipment manufacturers of aerospace and defense equipment. FTG Aerospace has operations in Toronto, Ontario, Chatsworth, California and Tianjin, China.
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