PokerTek renews credit facility
The credit facility has a one-year term and a facility limit of us$ 2,500,000 with advances determined based on the composition of the company's eligible accounts receivable and inventory balances.
The credit facility carries an interest rate at the greater of Prime Rate plus 2.00% or 6.50% and includes covenants and other terms customary for this type of credit facility.
"We are pleased to continue our relationship with Silicon Valley Bank," said Mark Roberson, PokerTek's Acting Chief Executive Officer and Chief Financial Officer.
"They have been extremely supportive over the first year of our relationship. Looking forward, availability of capital on reasonable terms will provide a significant advantage to PokerTek as we expand into new markets," Roberson added.
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