Federal Screw Works Loan Extended

John Wolz

Federal Screw Works received a one-year extension of its $25 million revolving credit and term loan agreement with Comerica Bank, according to SEC filings.
The 10-Q filing said the company has the option to convert borrowings to a term note through Oct. 31, 2004, the expiration date of the agreement.
Payments under the term note, if the conversion option is exercised, could extend to Oct. 31, 2006.
As of the end of the third quarter 2001, Federal Screw Works reported $9,565,000 currently borrowed under the revolving credit and term loan agreement. �2001 FastenerNews.com