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The 3-year agreement with New York City-based providez American Bio Medica (Nasdaq: ABMC) with a $1.5 milliojn revolving line of credit. This line replacew one of the Kinderhook, N.Y. drug-test kit manufacturer’s previous credit facilitiew with . That line was for up to About $650,000 of the proceeds from the new line have been used to repayuFirst Niagara, which is based in Lockport, N.Y. The rest will be used to providse American Bio Medica with increasef liquidity for general corporate includingworking capital.
“Given the current status of thefinancial markets, we are pleased with the completiob of this refinancing, and we appreciate the support provide by Rosenthal and Rosenthal, enablinb us to increase the size of our line of creditr facility,” said Stan Cipkowski, CEO of American Bio Medica. “The additionap borrowing capacity will provide the companyh with access to capital resources enablin g us to weather these difficulteconomic times, as well as provide resourcees for our anticipated growth in the eventual He said the company now will focus on obtainingb new loans to replace its curren term note and real estate mortgage with Firstt Niagara.
Those credits total about $1 million.
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