6 February 2012

Advanced Photonix establishes credit facility with Silicon Valley Bank

Advanced Photonix Inc (API) of Ann Arbor, MI, USA (which designs and makes silicon, InP- and GaAs-based APD, PIN, and FILTRODE photodetectors, HSOR high-speed optical receivers, and terahertz instrumentation) has established a new credit facility with Silicon Valley Bank (the commercial banking operation of SVB Financial Group), which has regional headquarters in Chicago, IL.

As part of the new banking relationship, Advanced Photonix  has repaid the short-term note and line of credit previously held by The PrivateBank and Trust. The new credit facility initially consists of a three-year term-note of $1m and a two-year $5m revolving line of credit.

Silicon Valley Bank is “a strong bank with a rich history of working with growing high-technology businesses like API,” comments president & CEO Richard Kurtz. “I would also like to thank The PrivateBank and Trust for their support over the past four years,” he adds.

“This new credit facility makes possible an increase in foreign receivable coverage up to $3m as part of the $5m total line,” Kurtz continues. “This increase in total credit facility will help us fund our growth, including our international revenue growth,” he adds.   

“We aim to increase the probability of our clients’ success and we’re looking forward to working closely with the Advanced Photonix team as they continue to grow,” says Mike Kohnen, senior relationship manager, Silicon Valley Bank. “Since we are focused on technology innovators like API, we are able to provide them with the services and financing they need to expand internationally and tackle their ambitious goals.”

See related items:

Advanced Photonix returns to profit after quarterly revenue growth of 3.7%

Tags: Advanced Photonix

Visit: www.advancedphotonix.com

Visit: www.svb.com