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Mastech Holdings, Inc. has amended its loan agreement with PNC Bank

Mastech Holdings, Inc. has amended its loan agreement with PNC Bank

Mastech Holdings, Inc. a national provider of information technology and specialized healthcare staffing services, has announced that the Company has amended its loan agreement with PNC Bank. Under the amended credit facility, the maximum borrowing amount will increase to $19 million from $10 million. The amended credit facility will expire on August 31, 2014.

The amended credit facility is comprised of a $15 million revolving credit loan, to be used for general corporate purposes, and a $4 million delayed draw term loan, to be used to facilitate acquisitions.

Thomas Moran, Chief Executive Officer of Mastech, stated, "I'm pleased to announce the continuation of our long-standing relationship with PNC Bank as a valued business partner of Mastech. Throughout our relationship, PNC Bank has demonstrated a keen understanding of our business objectives and a willingness to provide us with a credit facility to accommodate our business needs."

Commenting on the transaction, Jack Cronin, Chief Financial Officer, stated, "This amended facility gives us added financial flexibility to invest in our business, both organically and through strategic acquisitions, in efforts to strengthen our business model and accelerate our growth trajectory."

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