Haivision Systems, a global provider of video streaming and networking solutions, entered into a three-year credit agreement providing for a new revolving line credit facility in the maximum principal amount of $35 million with Bank of Montreal. Haivision Systems will use the revolving facility for general working capital, general corporate requirements and financing for acquisitions.
The revolving facility also provides access to additional financing of $25 million on an uncommitted basis through an accordion provision under the same terms, bringing the total financing capacity of the facilities to $60 million. The credit agreement provides for interest at a floating rate by reference to the Canadian prime rate, the U.S. prime rate, the CDOR rate and/or bankers’ acceptance rate.
“We are very pleased to announce the closing of our new revolving credit facility with Bank of Montreal,” Mirko Wicha, CEO of Haivision Systems, said. “While our recent IPO provided us the capital to pursue our acquisition strategy, this three-year commitment provides us with a substantial increase in our capacity to consolidate this fragmented industry.”
