Illinois-based consumer products manufacturer CTI Industries Corp. and its subsidiaries Flexo Universal S. De R.L. De C.V. and CTI Supply Inc. on Dec. 14 entered into an agreement with PNC Bank NA for a new credit facility worth $24 million, the company said Dec. 18.
The facility includes a $6 million term loan and an $18 million revolver due December 2022. Repayment of the term loan will be in 60 monthly installments of $100,000 beginning Dec. 31, the company said.
CTI intends to use the loans to repay its $17 million debt to BMO Harris Bank NA and BMO Private Equity (U.S.) Inc. and for the purchase of capital equipment.