TeleCommunication Systems, together with several of its domestic subsidiaries, closed on a new credit agreement. Silicon Valley Bank (SVB) is the administrative agent, co-lead arranger and joint bookrunner and GE Capital Markets (GECM) is co-lead arranger and joint bookrunner. General Electric Capital Corporation (GECC) is syndication agent. Manufacturers & Traders Trust Company (M&T) and PNC Bank are additional lenders to the facility.

TCS chairman and CEO Maurice Tose said, “Favorable credit market conditions led us to update for another 5 years the Company’s arrangements for access to low-cost capital. As TCS proceeds to use its scale to address new customers around the world with secure, highly reliable wireless technology solutions, the strength and transparency of our balance sheet is an important differentiator. Silicon Valley Bank has worked with our company for more than a decade, and their focus on technology-based businesses has helped TCS to adapt to changing conditions and opportunities during that time, so we are pleased to continue to work with them and the additional very high quality institutions that have joined them in this arrangement.”

The credit agreement provides for senior secured credit facilities which include a $56.5 million term loan A facility, a $43.5 million delayed-draw term loan and a $30 million revolving loan facility.

The term loan A facility and the delayed-draw term loan facility have a maturity date of March 31, 2018, unless extended as provided in the credit agreement, and the revolving loan facility has a termination date of March 31, 2018, unless extended as provided in the Credit Agreement.

TCS is a leader in highly reliable and secure mobile communication technology.