MTC Technologies gets new $145 million credit facility

By Sara Rosenberg

New York, April 27 - MTC Technologies Inc. closed on a new $145 million five-year credit facility, according to a company news release.

National City Bank, Branch Banking and Trust Co., KeyBank, Fifth Third Bank, Comerica Bank, JPMorgan Chase Bank and PNC Bank make up the syndicate of lenders.

The facility consists of an $85 million revolving credit facility and a $60 million term loan.

Proceeds will be used to fund working capital and strategic needs.

"The new agreement's increased availability and modified covenants expand the company's financial flexibility," said Michael Gearhardt, senior vice president and chief financial officer, in the release.

MTC is a Dayton, Ohio, provider of system engineering, intelligence, information technology, and program management solutions, primarily to the Department of Defense and various intelligence agencies.

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