Valid Logic Systems Inc, San Jose has landed a $20m two-year credit agreement with Chase Manhattan Bank of New York; other banks will participate in the revolving line of credit, which replaces short term credit agreements totalling $14.5m with Chase Manhattan and another bank. In addition to the new facility, Valid has about $3m in borrowing arrangements with two foreign banks. Commenting on the new line, the company says that Valid Logic’s turnover has been growing at over 60% during the past nine months, and this credit facility should allow us to continue to finance our working capital requirements generated by increased market share.
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