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Identiv Amends Credit Agreement With Opus Bank

December 09, 2015, 07:24 AM
Filed Under: Technology

Identiv, Inc. announced an amendment to its existing credit agreement with Opus Bank. The original agreement, entered into on March 31, 2014, provided for a $10 million term loan and $10 million revolving loan facility. The agreement was amended in November 2014 with improved financing terms, lowering the annual interest rate on the term loan and revolving credit line, deferring the repayment of the term loan to a lump sum in March 2017, increasing the capital availability under the revolving loan facility from $10 million to $30 million, and setting its new maturity date to November 10, 2017.  A second amendment was entered into on December 4, 2015, providing for a waiver of the tangible net worth financial covenant at September 30, 2015 and amending the covenant to reset the base amount to $8,000,000, measured quarterly beginning at the end of the fiscal quarter ending December 31, 2015.

"Opus Bank continues to be a great partner and we appreciate their confidence in the company and our ability to execute our strategic plan,” said Steven Humphreys, Identiv CEO. “This amendment supports the company in its strategy to focus on existing markets and partnerships.”

Identiv is a global security technology company that establishes identity in the connected world, including premises, information, and everyday items. CIOs, CSOs, and product departments rely upon Identiv’s trusted identity solutions to reduce risk, achieve compliance, and protect brand identity. Identiv’s trust solutions are implemented using standards-driven products and technology, such as digital certificates, trusted authentication, mobility, and cloud services.

Opus Bank is an FDIC insured California-chartered commercial bank with $6.2 billion of total assets, $5.0 billion of total loans, and $4.9 billion in total deposits as of September 30, 2015.

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