Measurement Specialties secures $15M credit line

Feb. 4, 2003 — Measurement Specialties, a Fairfield, N.J., provider of MEMS and other types of sensors and sensor-based products, has secured a three-year, $15 million revolving credit facility with Fleet Capital Corp., according to a company news release.

Measurement Specialties has been restructuring since June, when Frank Guidone took over as CEO. Guidone called the credit line a “very important step of our turnaround” in the release.

Upon closing the financing on Friday, $7.3 million was drawn to reduce a $9.3 million bridge loan from Castletop Capital LP to $2 million. The rest of the credit line will be used for operating working capital.

POST A COMMENT

Easily post a comment below using your Linkedin, Twitter, Google or Facebook account. Comments won't automatically be posted to your social media accounts unless you select to share.