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Piper Jaffray secures $50M revolving credit facility

Piper Jaffray Cos. entered into a credit agreement, with U.S. Bank NA as lender, for a $50 million revolving credit facility that the company may draw upon from time to time, due Dec. 20, 2022.

The company intends to use the proceeds for working capital and general corporate purposes.

Loans under the credit agreement will bear the prime rate as announced by the lender from time to time, plus an applicable margin equal to 1.00%, or in the event of a eurocurrency loan, the London interbank offered rate as then in effect for an interest period chosen by Piper Jaffray, plus an applicable margin equal to 2.00%.