Wells Fargo Provides $70MM Credit Line to TowerJazz
TowerJazz announced the signing of an extension of its current agreement with Wells Fargo Capital Finance to provide TowerJazz with a $70 million credit line through December 2018 at a reduced interest rate.
The maximum amount that may be drawn under the credit line at each specific point is based on formulas stipulated in the contract. Outstanding borrowings under the previous $45 million Wells Fargo credit line, available until September 2014, were $19 million.
“We are pleased to successfully complete this important financing for TowerJazz and to have the opportunity to work with a strong and knowledgeable management team,” said Stacy Gottlieb, SVP, Wells Fargo Capital Finance. “TowerJazz is a leading specialty foundry and we are honored to be able to support the company as it achieves its strategic goals.”
Russell Ellwanger, Tower’s CEO, said, “I am extremely pleased that Wells Fargo Capital Finance, one of the largest asset-based lenders in the U.S., has chosen to extend our credit line from $45 million to $70 million. It has been great working with Wells Fargo over the years and we look forward to continue our business relationship.”
TowerJazz manufactures integrated circuits.