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Parametric Technology Corp. (PTC) expects to pursue new acquisitions of businesses through an expansion of its revolving line of credit, according to a regulatory filing.
The Needham-based company has expanded its revolving credit line to $300 million, from the $230 million line the company had since February 2006, the company said in a filing with the U.S. Securities and Exchange Commission.
The credit line may be increased by up to $150 million more if lenders approve, PTC officials noted in the regulatory filing.
“As with the prior credit facility, PTC expects to use the new credit facility for general corporate purposes of PTC and its subsidiaries, including acquisitions of other businesses, and may also use it for working capital,” the company said in the filing.
The company’s most recent acquisition was Pennsylvania-based Relex Software Corp. in June 2009. Terms for the deal were not disclosed.
PTC (Nasdaq: PMTC) provides product development software and services to companies in industrial, high-tech, aerospace, retail and other industries. The revolving credit line is with a syndicate of 10 banks, with JPMorgan Chase Bank, N.A. as the administrative agent, the company said.
In May, PTC appointed James E. Heppelmann as its new CEO, effective Oct. 1. Heppelmann, the company’s president and chief operating officer, will succeed current CEO C. Richard Harrison.
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