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Electronics Production | June 28, 2006

CTS receives $100 Million Credit

CTS Corporation today announced that it has entered into a new bank agreement that provides the company with an unsecured revolving credit facility of $100 million for a five-year term through June 27, 2011.

The new facility includes a $50 million accordion feature and will be used for general corporate purposes, including strategic acquisitions. The new credit facility replaces the Company's existing three-year $75 million facility that was scheduled to expire in July 2007. Vinod Khilnani, Senior Vice President and Chief Financial Officer, said, “Our new expanded facility will provide us with enhanced financial flexibility at more favorable terms, and unlike the previous credit facility, will not require any collateral or pledges of company assets. This transaction reflects our syndication partners' continued confidence in CTS and provides even greater banking capabilities and resources.” CTS Corporation designs, manufactures and sells a broad line of electronic components and sensors, and a provider of electronics manufacturing services (EMS), primarily serving the electronic needs of original equipment manufacturers (OEMs).
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