California Micro Devices Enters Into $15 Million Revolving Credit Facility With Silicon Valley Bank
Posted on: Tuesday, 5 October 2004, 06:00 CDT
MILPITAS, Calif., Oct. 5 /PRNewswire-FirstCall/ -- California Micro Devices today announced that it has entered into a $15 million revolving credit facility with Silicon Valley Bank. The new one-year accord, which supersedes the prior credit agreement, enables California Micro Devices to access a substantially higher level of working capital at a lower interest rate and is subject to fewer covenants.
"The new credit facility that we have established for California Micro Devices reflects our recognition of the company's profitable growth and astute financial management," said Tom Smith, senior vice president, Silicon Valley Bank. "We look forward to expanding upon our relationship and delivering the financial services needed to support the company's future growth."
According to Greg Miller, CFO of California Micro Devices, "We continue to benefit from Silicon Valley Bank's extensive experience working with technology companies. Since beginning our corporate banking relationship in 2002, Silicon Valley Bank has met our business requirements with timely solutions that have included equipment financing, revolving credit facilities and the refinancing of our industrial revenue bond. The new credit facility announced today is yet another example."
Miller noted that Silicon Valley Bank is also continuing to expand its service offerings, including the recently sponsored Tech Investors Forum which provided an opportunity for California Micro Devices to present its progress and strategy to institutional investors.
About Silicon Valley Bank
Silicon Valley Bank provides diversified financial services to emerging growth and mature companies in the technology, life sciences and private equity markets, as well as the premium wine industry. Through its focus on specialized markets and extensive knowledge of the people and business issues driving them, Silicon Valley Bank provides a level of service and partnership that measurably impacts its clients' success. Founded in 1983 and headquartered in Santa Clara, Calif., the company serves more than 9,500 clients around the world through 26 domestic offices and international subsidiaries in India and the U.K. More information on the company can be found at: http://www.svb.com/.
About California Micro Devices Corporation
California Micro Devices Corporation is a leading supplier of application specific analog semiconductor products for the mobile, computing and digital consumer markets. Key products include Application Specific Integrated Passive(TM) (ASIP(TM)) devices plus power management and interface ICs. Detailed corporate and product information may be accessed at http://www.calmicro.com/.
NOTE: ASIP(TM) and Application Specific Integrated Passive(TM) are trademarks of California Micro Devices.
All other trademarks are property of their respective owners
California Micro Devices Corporation
CONTACT: Greg Miller, Chief Financial Officer of California MicroDevices, +1-408-934-3144, or gregm@calmicro.com
Web site: http://www.svb.com/
Web site: http://www.calmicro.com/
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