Contract guard service provider Tri-S Security Corporation, based in Atlanta, Ga., has secured a major line of credit.
Tri-S's current commercial lender, LSQ Funding Group, has increased the company's line of credit to $6.5 million and reduced the interest rate it gives to Tri-S.
The lending adjustment was good news to company officers, who said that the new agreement can mean a savings of $450,000 in interest in 2005 over 2004.
The company, which offers contract guard services to a variety of federal agencies, recently repayed a total of $7.7 million in notes held by prior owners of Tri-S subsidiary Paragon Systems, a repayment that will save the company $370,000 in interest.