California Micro Devices Enters Into $15 Million Revolving Credit Facility with Silicon Valley Bank
October 05 2004 - 5:10PM
PR Newswire (US)
California Micro Devices Enters Into $15 Million Revolving Credit
Facility with Silicon Valley Bank MILPITAS, Calif., Oct. 5
/PRNewswire-FirstCall/ -- California Micro Devices (NASDAQ:CAMD)
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 DATASOURCE: California Micro
Devices Corporation CONTACT: Greg Miller, Chief Financial Officer
of California Micro Devices, +1-408-934-3144, or Web site:
http://www.svb.com/ Web site: http://www.calmicro.com/
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