IntriCon Corporation, a designer, developer, manufacturer and distributor of miniature and micro-miniature body-worn devices, announced that it has amended its credit facilities with The PrivateBank.

Highlights of the amendment include:

• Increasing IntriCon’s term loan to $6.0 million from its current balance of $4.0 million, amortized in quarterly principal installments of $250,000;
• Increasing IntriCon’s revolving credit facility capacity to $9.0 million from its current capacity of $8.0 million;
• Raising the inventory cap on the borrowing base from $3.5 million to $4.0 million. Under the revolving credit facility as amended, the availability of funds depends on a borrowing base composed of stated percentages of the Company’s eligible trade receivables and inventory, less a reserve; and
• Amending the leverage ratio financial covenants, effective March 31, 2016.

Said Mark S. Gorder, president and chief executive officer, "The higher borrowing capacity of our amended credit facilities is an important step in advancing our future plans. As we look ahead, we are evaluating several options to enhance our infrastructure and secure channel partners in the emerging value hearing health, or VHH, channels. Further, continued core technology investments—including development of ultra-low-power wireless technology aimed to increase efficiencies and access through innovative VHH distribution channels and medical biotelemetry markets—are essential to our long-term success.

“We are pleased with the continued support of The PrivateBank. This amendment reinforces The PrivateBank’s partnership with IntriCon, commitment to our strategic plan and belief in our ability to execute our growth initiatives successfully. The revised lending structure enhances management’s ability to move quickly on VHH opportunities that arise and support related working capital growth requirements.”

Headquartered in Arden Hills, Minn., IntriCon Corporation designs, develops and manufactures miniature and micro-miniature body-worn devices. These advanced products help medical, healthcare and professional communications companies meet the rising demand for smaller, more intelligent and better connected devices. IntriCon has facilities in the United States, Asia and Europe.