Wells Closes Novatel Wireless Revolver
Novatel Wireless announced the successful closing of a new five-year $25 million senior secured revolving credit facility with Wells Fargo Bank. The revolver closed on October 31, 2014 and will provide the company with enhanced capital flexibility for its growth initiatives and general corporate purposes.
The company may borrow funds under the Revolver with interest payable monthly at a base rate determined by using the daily three month LIBOR rate, plus an applicable margin of 2.50% to 3.00% depending on the Company’s liquidity as determined on the last day of each calendar month.
“We are very pleased to enter into this new credit facility with a top tier lender like Wells Fargo,” said Alex Mashinsky, CEO of Novatel Wireless. “This, along with the recent strategic investment from HC2 Holdings, substantially strengthens our financial position and will allow us to continue to pursue our strategic growth initiatives and further improve our business model.”
Novatel Wireless is a designer and developer of M2M wireless solutions based on 3G and 4G technologies.