US-based rugged tablet PC provider Xplore Technologies has announced that it has entered into a three-year secured line of credit with the Bank of America, valued at an estimated $15m.
The company will also move its commercial banking relationships to the Bank of America.
Xplore chief financial officer Tom Wilkinson said: "After a thorough review and careful selection process, we are pleased to enter into this new facility with Bank of America."
"This new line of credit and banking relationship not only strengthens our balance sheet resources, but also expands our international and multi-currency banking capabilities in support of Xplore’s global rugged tablet business."
The new line of credit is currently undrawn.
The facility includes features that assess certain inventory holdings, as well as accounts receivable, providing greater flexibility.
It is intended to replace Xplore’s existing $15m lending facility, also undrawn at present, provided by Square 1 Bank.
