SMTC plans to repay $12 million on term loan from rights offering

Chicago, June 28 – SMTC Corp. announced that it plans to repay the $12 million of borrowings outstanding under its term loan B facility, according to an 8-K filing with the Securities and Exchange Commission.

The repayment comes from an offering of subscription rights and a registered direct offering which resulted in total proceeds of $14.6 million.

The amount left after the repayment of the term loan will be used for payment on other outstanding debt.

SMTC is a Markham, Ont.-based provider of end-to-end electronics manufacturing services.

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