Emcore Corporation Closes $25 Million Credit Financing
Source/Type: Reported News

Author: CompoundSemi News Staff

October 6, 2008... While the credit crisis has hit Wallstreet and Main Street to some extent, Bank of America was likely happy to extend credit secured with actual assets to a compound semi device maker with a bright future, Emcore. Emcore Corporation, announced that on Friday (3 October) the company closed a $25 million revolving credit facility with Bank of America. The company said that the asset-backed credit facility will allow it to borrow up to $25 million that can be used for working capital, letters of credit and other general corporate purposes.

The credit facility incorporates both LIBOR and Prime-based borrowing alternatives and is subject to certain financial covenants and a borrowing base formula. Emcore secured the credit facility with certain of its assets. The agreement matures in September 2011. According to the company, the facility will add to its financial flexibility as it continues to pursue its growth strategy. Emcore News Release

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