Identiv, a provider of physical security and secure identification, amended its agreement with with East West Bank, increasing the total facility to a $12 million line-of-credit facility and improving capital availability through the addition of a $3 million non-formula line of credit sublimit. The annual interest rate was reduced from prime rate plus 2.0% to prime rate plus 1.0%. Financial covenants were also amended and certain reporting requirements streamlined..
The original agreement of February 8, 2017 provided for a $10 million asset-backed line-of-credit agreement. Given Identiv’s stronger balance sheet position and improved financial performance since then, the parties have agreed to amend the original agreement with improved financing terms.
There will be no change to the original term of the facility.
“East West Bank has been a great partner of ours, displaying a commitment to the technology sector and, more specifically, to our long-term growth and success,” said Sandra Wallach, Identiv’s CFO. “We believe entering into this amendment not only underscores the improved financial position of the company and reduces the administrative burden, but also provides us with additional financial flexibility and sprint capacity to further execute on our organic and inorganic growth strategy.”
