United Protection Security Group Inc. Announces Amendment of its Receivables Financing Agreement
August 01, 2012 at 10:47 am EDT
United Protection Security Group Inc. announced that the company has increased its receivables financing agreement with its international lender based in New York City. The limit has been increased from $4.5 million to $7 million. The facility does not provide for any financial ratio covenants, and is secured by a corporate guarantee and also a by personal guarantee of the President and Chief Executive Officer of the company. The company has also negotiated a reduction in the annual borrowing interest rate by 1%. The increase in the facility will allow to the company to continue working towards its growth objectives.