Baker Expands Credit Capacity Under New Facility

Michael Baker Corporation (Amex: BKR) has entered into a $60 million revolving credit facility with a consortium of Pennsylvania and Ohio financial institutions. The company intends to use the funds available under the facility for acquisitions and general corporate purposes.

Citizens Bank of Pennsylvania is the lead bank for the facility, and is joined by PNC Bank, N.A., and Fifth Third Bank. The new arrangement increases Baker's existing credit capacity by $20 million and provides improved terms and conditions.

"We are pleased to have obtained this expanded credit facility with this strong group of local institutions," Donald P. Fusilli, Jr., president and chief executive officer, said. "This arrangement provides us with the additional borrowing capability we will need to execute our growth agenda for the company."