3D Systems Corporation (NYSE:DDD) disclosed that it was able to secure a five-year unsecured revolving credit facility from PNC Bank.

3D Systems Corporation Secures $150M Credit Facility From PNC

According to the company, its credit agreement is composed of a revolving loan facility that providers for advances in the initial aggregate principal amount of as much as $150 million.

Credit facility allows 3D Systems to execute long-term initiatives

In a statement, Avi Reichental, president and CEO of 3D Systems Corporation (NYSE:DDD) said, “Our enhanced capital structure will allow us to strategically execute on our focused long-term initiatives for the benefit of all of our constituents.”

3D Systems has option to increase the amount by $75 million

3D Systems Corporation (NYSE:DDD) said it has the option to increase the aggregate principal amount available under the credit facility by $75 million subject to the terms and conditions of the Credit Agreement.

Reichental said, “This credit facility strengthens our capital structure and provides us with greater financial flexibility to decisively execute our growth strategy.” Last month, the company expressed confidence that it can achieve a 30% organic growth.

3D Systems’ stock movement

The shares of 3D Systems Corporation (NYSE:DDD) increased more than 2% to $39.96 per share. However, the stock declined 1.65% to $39.30 per share during the extended hours trading around 4:46 in the afternoon in New York, today.

In fact, 3D Systems Corporation (NYSE:DDD) hit its new 52-week low at $38.70 per share during the mid-day trading on Monday.

Over the past 52-week range, the shares of 3D Systems Corporation (NYSE:DDD) traded from $38.70 to $97.28 per share. The stock value of the company declined more than 58% year-to-date.

A separate report on ValueWalk indicated that the short interest in the shares of 3D Systems Corporation (NYSE:DDD) dropped by 2% in the first-half of September. The short interest declined further by 6% by the end of the month to approximately 33.63 million, an indication the short sellers may be thinking that the stock is about to bottom out.

Analysts at Canaccord Geneuity recently reiterated their Buy rating for the shares of 3D Systems Corporation (NYSE:DDD). Analysts at Morgan Stanley started covering the stock with an Equal Weight recommendation and a price target of $51.85 per share.