Identiv entered into a $10 million term loan agreement with Western Technology Investment (WTI) and an up to $10 million asset-backed line-of-credit agreement through East West Bank’s Technology Banking Division (EWB).

The proceeds of the refinancing have been used to retire existing debt. The company also announced unaudited preliminary results for the fourth quarter of fiscal year 2016 at or above plan, with revenues in the range of $14.4 million to $14.8 million and adjusted EBITDA in excess of $700,000.

“We’re very pleased to welcome WTI and East West Bank as partners going forward, as Identiv strengthens its position to provide highly secure, convenient access to all physical resources,” said Steven Humphreys, Identiv CEO. “After refocusing the company in 2016, returning to positive adjusted EBITDA and re-establishing growth in our core business, we’re excited to have partners who share our long-term vision for the company and the market.”

The company used the funds available under the financing agreements, together with approximately $200,000 of cash on hand, to repay both the term loan and line-of-credit balances with Opus Bank. In connection with the transaction, the 400,000 Identiv warrants previously issued to Opus Bank have been canceled.

The asset-backed line-of-credit agreement with EWB has a term of 24-months and includes a warrant to purchase 40,000 shares of the company’s common stock, and the term loan agreement with WTI has a term of 42 months and includes a warrant to purchase 580,000 shares of the company’s common stock.

Identiv is a global provider of physical security and secure identification.