Reddi Brake Works Out New Line of Credit
Reddi Brake Supply Corp. in Ventura, operator of a nationwide chain of auto-parts distribution centers, has replaced a line of credit that was about to expire with Japan’s Sumitomo Bank.
The company received a three-year commitment for a $13-million secured revolving credit line from CIT Group/Credit Finance Inc. in New York.
Reddi Brake has been seeking a new financing source since the Bank of New York Commercial Corp. terminated a commitment letter calling for it to replace a $7.2-million line with Sumitomo. That arrangement was due to expire at the end of this month.
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