Daily News: November 13, 2014

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.