Advanced Energy Announces $50 Million Credit Agreement
October 15 2012 - 8:30AM
Advanced Energy Industries, Inc. (Nasdaq:AEIS) today announced that
it has entered into a $50 million, five-year credit agreement with
Wells Fargo Bank, N.A. This agreement will provide Advanced Energy
access to a new revolving line of credit secured by accounts
receivable and inventory. The credit facility can be used for
general working capital, capital expenditures and acquisitions, and
may be increased by $25 million subject to lender commitments and
other conditions.
"As we continue to execute on our strategic plan, this new line
of credit will serve as a solid foundation for future growth and
offer an additional source of liquidity for working capital
requirements. This facility will provide us with additional
flexibility as we explore a variety of organic and inorganic
opportunities across our markets," said Garry Rogerson, Chief
Executive Officer.
Detailed information regarding the credit agreement and the
other transactions contemplated in the credit agreement is included
in the Company's Current Report on Form 8-K dated October 15, 2012,
as filed with the Securities and Exchange Commission.
About Advanced Energy
Advanced Energy (Nasdaq:AEIS) is a global leader in innovative
power and control technologies for high-growth, thin-film
manufacturing and solar-power generation. Advanced Energy is
headquartered in Fort Collins, Colorado, with dedicated
support and service locations around the world. For more
information, go to www.advanced-energy.com.
CONTACT: Danny Herron
Advanced Energy Industries, Inc.
970.407.6570
danny.herron@aei.com
Annie Leschin/Vanessa Lehr
Advanced Energy Industries, Inc.
970.407.6555
ir@aei.com
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