Park Electrochemical Corp. announced that it has entered into a three-year revolving credit facility agreement with HSBC Bank USA, National Association. This credit facility agreement provides for loans of up to $75 million to the Company and letters of credit up to $2 million for the account of the Company and, subject to the terms and conditions of the agreement, an interest rate on the outstanding loan balance of LIBOR plus 1.15%.

This credit facility agreement will replace the credit facility agreement that the Company entered into with PNC Bank, National Association in February 2014. The Company intends to borrow the entire $75 million available under the new credit facility with HSBC Bank and to use such amount together with $9 million of its own funds to repay the Company's outstanding $84 million principal amount bank loan from PNC Bank.