Meru Networks announced the company signed an agreement with Opus Bank for a senior secured credit facility up to $15 million, consisting of a $9 million, 3-year term loan and a $6 million credit line. A portion of the proceeds will be used to retire the entire $3.1 million in current debt facility obligations, including all of the debt outstanding on the company’s balance sheet.

“We are pleased with the terms of this credit facility,” said Dr. Bami Bastani, president and CEO of Meru Networks. “We have been able to extend the maturity on our outstanding debt while also lowering the interest rate. The line of credit also provides an additional source of working capital as we introduce new products and services, including Wi-Fi-as-a-service. We are reaffirming our revenue guidance of $17 million to $20 million for the 2015 second quarter.”

Meru continues to work actively with Deutsche Bank to explore strategic options.

Meru Networks is a provider of intelligent Wi-Fi solutions delivering uninterrupted user experience for education, healthcare, hospitality and enterprise.