Bank of the West Provides Equipment Facility to Point.360
Point.360, a provider of integrated media management services, announced it has entered into financing agreements with Bank of the West (part of the BNP Paribas Group) that includes a two-year revolving credit facility providing up to $5 million of credit based on 80% of eligible accounts receivable, and an equipment lease facility providing up to $1.25 million of financing for the cost of new and already-owned or leased equipment.
The agreements specify interest rates ranging from LIBOR plus 2.75% to the bank’s cost of funds plus 3%, are secured by all of the company’s assets, and contain covenants, terms and conditions typically found in such agreements.
Haig S. Bagerdjian, the company’s chairman, president and CEO said: “The new financing package establishes a relationship with a major commercial bank, provides added financial resources and flexibility, and will significantly reduce interest costs which were about 8.5% under our previous $3 million line of credit. We are also exploring the possibility of refinancing our two mortgages at today’s lower interest rates.”