J.P. Morgan amended CalAmp’s existing $50 million credit facility, extending the maturity of the credit facility by two years. The original facility was entered into on March 30, 2018.
“Over the past few years, we increased our operating cash flow and have demonstrated CalAmp’s ability to reduce its debt balance when circumstances warrant,” Jeff Gardner, interim president and CEO of CalAmp, said. “CalAmp is operating from a position of strength with increased global scale and a strong balance sheet, including approximately $100 million of available cash. This amendment affords us the financial flexibility to manage our working capital resources, while also further advancing our strategic transformation to a global SaaS solutions provider.”
“Our solid financial performance over these past two years afforded us the opportunity to amend our credit facility even amidst the uncertainty created by the coronavirus pandemic,” Kurt Binder, executive vice president and CFO of CalAmp, said. “We are extremely pleased with the flexibility and support from our bank, J.P. Morgan.”
CalAmp is a global technology company.
