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Heritage Bank Inks $9MM Revolver for QuickLogic

October 03, 2018, 08:01 AM
Filed Under: Technology

QuickLogic Corporation, a developer of ultra-low power multi-core voice enabled SoCs, embedded FPGA (eFPGA) IP, display bridge and programmable logic solutions, entered into a new credit agreement with Heritage Bank of Commerce, for a $9 million revolving line of credit as of September 28, 2018. This new credit facility has a two-year term and replaces the prior $6 million credit facility QuickLogic had with Silicon Valley Bank.

"This facility gives QuickLogic additional flexibility to execute on its strategic initiatives, including our solution and intellectual property roadmaps," stated Sue Cheung, QuickLogic's Chief Financial Officer, "It also provides additional financial assurances to our current and potential new customers."

"We have enjoyed getting to know the team at QuickLogic during our process. We believe they are well positioned for continued growth in a very dynamic market space," said Mike Hansen, SVP & Manager of Heritage Corporate Finance. "And, we look forward to a long-term partnership between our two firms."

The new revolving credit facility will be used by QuickLogic for general corporate purposes, including working capital. The credit agreement runs through September 28, 2020.  Terms and Conditions can be found in the Form 8-K to be filed by QuickLogic with the SEC on October 3, 2018.


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