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Ixia Increases, Extends $150MM Revolving Credit Facility With SVB

January 28, 2016, 07:57 AM
Filed Under: Specialty Industries

Ixia announced that it has increased the maximum aggregate amount available on its revolving credit facility from $75 million to $150 million and extended the term by an additional two years. The amended credit facility also includes additional covenant flexibility and an accordion option, which allows the company to increase the size of the revolving credit facility by up to an additional $100 million under certain circumstances, potentially extending its total line of credit borrowing capacity to $250 million. Silicon Valley Bank serves as the administrative agent under the credit facility, and together with Regions Bank, acted as co-lead arranger under the amended credit agreement. Cadence Bank, N.A. serves as documentation agent on the facility and other participating lenders included Barclays Bank PLC, Bank of the West, MUFG Union Bank, N.A., and SunTrust Bank.

“We are pleased to announce that we have doubled the amount of committed capital under our revolving credit facility, increased its flexibility and extended its term to 2020,” said Brent Novak, Ixia’s chief financial officer. “Our improved financial profile has allowed us to expand our access to capital and we believe we are well positioned to execute on our strategic objectives.”

Ixia provides testing, visibility and security solutions, strengthening applications across physical and virtual networks for enterprises, service providers and network equipment manufacturers. Ixia offers companies trusted environments in which to develop, deploy and operate. Customers worldwide rely on Ixia to verify their designs, optimize their performance and ensure protection of their networks to make their applications stronger.

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