DDL Electronics Refinances Its Short-Term Debt

DDL Electronics announced it has successfully refinanced its short-term debt to provide working capital for a company it acquired earlier this year.

The refinancing, accomplished through three deals totaling about $10 million, replaces $7 million of short-term debt incurred in connection with the acquisition of SMTEK Inc. on Jan. 12.

After financing costs and interest reserves, the funds provide more than $2 million of working capital for SMTEK.

Newbury Park-based DDL Electronics provides components and services for manufacturers in the computer, telecommunications, industrial and aerospace industries.

Two of the company’s subsidiaries, SMTEK in Newbury Park and DDL Electronics Ltd. in the United Kingdom, provide engineering, design, production and test services for electronic subsystems and products.

The company also provides complex and fast-turn printed circuit board fabrication services at its Irlandus Circuits Ltd. subsidiary in the United Kingdom.