Daily News: September 12, 2017

Wells Fargo Provides $50MM Revolver for NeoPhotonics

San Jose, CA-based NeoPhotonics entered into a new five-year, $50 million revolving credit facility with Wells Fargo.

Upon closing, the company drew $30 million under the new facility and will use the proceeds of the credit facility to pay off its existing facility with Comerica Bank and for working capital needs and general corporate purposes.

“This new credit facility provides NeoPhotonics with lower capital costs, an extended maturity and increased borrowing capacity for continued execution against our strategic priorities globally,” said Tim Jenks, NeoPhotonics’ president and CEO.

NeoPhotonics is a designer and manufacturer of optoelectronic solutions for the highest speed communications networks in telecom and datacenter applications.