WFCF Provides $25 Million Facility to Zhone Technologies
Zhone Technologies, a provider of FTTx network access solutions, entered into a new credit facility arrangement with Wells Fargo Capital Finance. The facility provides working capital financing of up to $25 million to support borrowings and letters of credit. The term of the facility extends for two years through March 2014 and replaces Zhone’s previous facility with Silicon Valley Bank.
“This new credit facility allows us to continue investing in the development of leading technologies for our customers,” stated Kirk Misaka, chief financial officer of Zhone Technologies. “We’re pleased to work with the Business Credit team at Wells Fargo Capital Finance, who is providing us with flexible financing to meet the changing needs of our business.”
“We are excited to be able to support Zhone Technologies in the execution of their global business plan, beginning a relationship that we hope will continue for many years,” stated Kimberly Jablonski, senior vice president of the Business Credit Division of Wells Fargo Capital Finance. “This facility provides the company with a flexible and expandable financing solution supporting both U.S. and international sales activities and assisting Zhone in realizing their goals.”
Zhone Technologies is a provider in all IP multi-service access solutions, and serves more than 750 network operators. The IP Zhone solution enables service providers to build the network of the future today, supporting end-to-end Voice, Data, Entertainment Social Media, Business, Mobile Backhaul and Mobility service.