SANTA ANA, Calif. -- Cybernetics Products Inc. said it has entered into a new $7 million senior secured financing line with IBJ Schroder Bank and Trust Co., New York.
Proceeds initially will be used to repay money owed to Cybernetics' current lender, Fremont Financial, and will provide for working capital.
The borrowing capacity of the line is based on 40% of eligible inventory, up to $1.75 million, and 80% of eligible accounts receivable.
Cybernetics, a maker of precision manufactured equipment such as computer graphics scanners, has accumulated a $7 million order backlog, said Joseph P. Drier Jr., president and chief executive officer.
