HMTC is a 64-year-old machine tool manufacturing company requesting to restructure its existing $1M loan and obtain an additional $350k loan from the bank over four months. The company, led by its 58-year-old president, produces automobile tools and aircraft parts and has been in business since 1915 but has not taken out a loan in the past 10 years. HMTC proposes to pay monthly interest at 1.5% (18% annually) on the total requested $1.35M loan.
HMTC is a 64-year-old machine tool manufacturing company requesting to restructure its existing $1M loan and obtain an additional $350k loan from the bank over four months. The company, led by its 58-year-old president, produces automobile tools and aircraft parts and has been in business since 1915 but has not taken out a loan in the past 10 years. HMTC proposes to pay monthly interest at 1.5% (18% annually) on the total requested $1.35M loan.
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HMTC is a 64-year-old machine tool manufacturing company requesting to restructure its existing $1M loan and obtain an additional $350k loan from the bank over four months. The company, led by its 58-year-old president, produces automobile tools and aircraft parts and has been in business since 1915 but has not taken out a loan in the past 10 years. HMTC proposes to pay monthly interest at 1.5% (18% annually) on the total requested $1.35M loan.
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• Hampton Machine Company was established in 1915, a manufacturing
company engaged in providing automobile tools and military aircraft.
• HMTC was a well established company, had 64 years experience in machine
Tool Business (1915-1979). • Mr. B.G. Cowins, 58 years old, President of the company, a widely respected, energetic and successful. He was a successor to his father in law. • HMTC has existing loan of U$ 1M with St. Loius Bank. • HMTC is requesting for restructuring of its loan of U$ 1M plus applying for an extension of loan amounting to U$ 350k. • HMTC is requesting four month term (Sept. to Dec.) for the restructured loan of U$ 1.35M. • Monthly interest payment at 1 & ½ percent with approximately 18% annual basis. • HMTC has no existing loan for the last ten years on its balance sheet prior to this loan. Company Background