BRENTWOOD, N.Y., May 21, 2013 (GLOBE NEWSWIRE) -- Medical Action Industries Inc. (Nasdaq:MDCI) today announced that it has entered into a new five year credit agreement for $65 million with Wells Fargo, N.A., part of Wells Fargo & Company (NYSE:WFC), effective May 17, 2013. The new credit facility refinances and replaces the previous agreement which had been scheduled to expire in June 2014 and which had approximately $54.6 million outstanding as of May 17, 2013. The new agreement includes a revolving line of credit, a term loan A and, upon our election, a term loan B as well as the ability to increase the size of the loan in certain circumstances, such as acquisitions. This new financing provides improved pricing, tenor and operating flexibility, and positions the Company to further execute on its strategic plans.
Medical Action Industries Announces New $65 Million Credit Facility
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