18 May 2015

GigOptix renews an expanded line of credit with Silicon Valley Bank

GigOptix Inc of San Jose, CA, USA (a fabless supplier of analog semiconductor and optical communications components for fiber-optic and wireless networks) has renewed an expanded revolving line of credit with Silicon Valley Bank (SVB).

The latest amendment to the credit facility extends through 6 May 2016, and immediately provides GigOptix with an additional $3.5m of borrowing capacity, providing a $7m accounts receivable revolving line of credit, while also maintaining an existing separate facility under which GigOptix is entitled to borrow up to $3.5m with specific re-payment conditions, for a total borrowing capacity of $10.5m.

"The expansion of our line of credit adds additional flexibility to our already strong financial position, which includes almost $18m of cash and zero debt," says chairman & CEO Dr Avi Katz. "While we have no current plans to draw on this line, having the increased $10.5m line of credit readily available improves our ability to quickly execute on potential strategic acquisitions as we continue to look for ways to further increase shareholder value."

The full text of the loan agreement and the latest amendment has been filed with the US Securities and Exchange Commission (SEC).

See related items:

GigOptix reports record income in Q1

Tags: GigOptix

Visit: www.gigoptix.com