Paul Mueller enters into $20M revolving credit facility

Springfield-based manufacturer Paul Mueller Co. (OTC: MUEL.PK) has entered into a three-year, $20 million revolving credit facility agreement with PNC Bank, owned by Pittsburgh, Pa.-based PNC Financial Services Group Inc.

The agreement replaces a $20 million revolving credit facility with a separate lender that was scheduled to expire in January, according to a news release, which did not disclose Paul Mueller's previous revolving credit lender.

Neither Marcelino Rodriguez, Paul Mueller chief financial officer, nor Michael Young, director of human resources, could be reached for comment by deadline.

The agreement with PNC Bank also provides a $4 million term loan, replacing term loans previously outstanding with a separate lender.

Paul Mueller officials said in the release the new credit facility - subject to customary covenants such as borrowing base and asset coverage restrictions, limitations on certain corporate transactions and performance milestones - will aid the company in carrying out its business plans for the foreseeable future.

PNC operates more than 2,400 branches in 15 states and Washington, D.C. Its four Missouri branches are in the St. Louis area.

Paul Mueller Co. manufactures stainless steel equipment and performs on-site construction, repair and maintenance.

The company's pink sheet stock closed Oct. 4 at $14.50 per share, compared to a 52-week range of $13.91 to $27.[[In-content Ad]]