Ixia increased the maximum aggregate amount available on its revolving credit facility from $75 million to $150 million and extended the term by an additional two years. Silicon Valley Bank served as administrative agent.
Silicon Valley Bank and Regions Bank acted as co-lead arrangers under the amended credit agreement. Cadence Bank served as documentation agent on the facility. Other participating lenders included Barclays Bank, Bank of the West, MUFG Union Bank and Suntrust Bank.
The amended credit facility includes additional covenant flexibility and an accordion option, which allows the company to increase the size of the revolving credit facility by up to an additional $100 million under certain circumstances, potentially extending its total line of credit borrowing capacity to $250 million.
“We are pleased to announce that we have doubled the amount of committed capital under our revolving credit facility, increased its flexibility and extended its term to 2020,” said Brent Novak, Ixia’s chief financial officer. “Our improved financial profile has allowed us to expand our access to capital and we believe we are well positioned to execute on our strategic objectives.”
Ixia provides testing, visibility and security solutions, strengthening applications across physical and virtual networks for enterprises, service providers and network equipment manufacturers.