MHProNews has learned from cnnmoney that Elkhart, Indiana-based Skyline Corp. (NYSEMKT:SKY) has obtained a three-year secured revolving line of credit with First Business Capital Corp. The agreement will allow Skyline to borrow up to $10 million.
Secured by the company’s assets, the funds will be used for working capital, and loan advances will bear interest at 3.75 percent over The Wall Street Journal‘s published one year LIBOR rate.
Skyline’s President and Chief Executive Officer, Bruce Page said, “After considering a number of financing alternatives, we are pleased to have established this credit facility with First Business Capital. This credit facility is ideally suited to support the execution of our strategic plan.“
Skyline produces and sells manufactured and modular housing and park models from nine facilities in eight states. As MHProNews reported Sept. 26, 2014, Skyline spun off its RV division to Evergreen Recreational Vehicles. ##
(Image credit: Skyline Corp.)
Article submitted by Matthew J. Silver to Daily Business News-MHProNews.