Opus Bank Provides Identiv Credit Agreement
Identiv announced an amendment to its existing credit agreement with Opus Bank. The original agreement, entered into on March 31, 2014, provided for a $10 million term loan and $10 million revolving loan facility.
With the amendment, the term loan maturity will now be due in a lump sum repayment on March 31, 2017 and the annual interest rate has been reduced. The capital availability under the revolving loan facility has been increased from $10 million to $30 million with a new maturity date of November 10, 2017, and the annual interest rate has also been reduced. Lastly, the amendment includes a modification of terms related to Identiv’s stock repurchase plan.
“Opus Bank has been a solid partner and the restructured facility provides Identiv with improved terms that enhance our operational flexibility,” said Jason Hart, Identiv CEO.
“With Identiv’s recent follow-on offering and the completion of its restructuring activities, the revised terms of Opus’ credit facility recognize the much-improved credit profile of Identiv,” added Kevin McBride, senior managing director and head of Opus’ Technology Banking.”
Identiv is a global security technology company.