HOUSTON - Tidel Technologies Inc. (NASD: ATMS) has amended its senior revolving credit facility to regain compliance with the conditions set in its agreement with JP Morgan Chase, according to company news release.
The ATM manufacturer is continuing to negotiate with holders of its 6 percent subordinated convertible debt. The company, which wrote off an $18 million charge as a result of the bankruptcy of Credit Card Center earlier this year, has reduced its debt in the JP Morgan Chase facility to $4.7 million. The facility topped $5.2 million at the end of June.
As a result of the amendment, Tidel said it would be able to borrow up to $7 million in the working capital facility at the current prime rate, 4.75 percent. Tidel chairman and CEO James T. Rash said in the release that the capital facility was restored to good standing by the amendment.
The company's stock price experienced a 25 percent increase on the day of the release, jumping from .56 to .69 per share.
