Powerwave Technologies Announces New Credit Agreement
12 September 2012 - 11:15PM
Business Wire
Powerwave Technologies, Inc. (Nasdaq:PWAV), a global supplier of
end-to-end wireless solutions for wireless communications networks,
today announced that it has entered into a new $50 million senior
secured credit agreement with P-Wave Holdings, LLC, an affiliate of
The Gores Group. Under the credit agreement, the lenders advanced
$35 million to the Company, less fees and expenses, and agreed to
loan an additional $15 million to the Company upon request from the
Company subject to the fulfillment of certain conditions. The new
credit agreement also includes an accordion feature that allows the
Company to request up to an additional $100 million in term loans
from the lenders, which they may advance in their discretion.
Proceeds from advances under the new credit agreement will be used
to finance working capital and for general corporate purposes.
In connection with this initial loan, the lender received
warrants to purchase a total of 2,625,000 shares of the Company’s
common stock with an exercise price for the warrants of $0.50 per
share, which exercise price is subject to adjustment under the
terms of the warrant.
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 September 12,
2012, as filed with the Securities and Exchange Commission.
No Solicitation; Unregistered Securities
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any security. Neither the warrants
nor the shares of common stock underlying such warrants have been
registered under the Securities Act of 1933, as amended, or any
applicable state securities laws, and may not be offered or sold in
the United States absent registration or an applicable exemption
from the registration requirements of the Securities Act of 1933,
as amended.
Company Background
Powerwave Technologies, Inc., is a global supplier of end-to-end
wireless solutions for wireless communications networks. Powerwave
designs, manufactures and markets a comprehensive suite of wireless
solutions, including antennas, base station products and advanced
coverage solutions, utilized in all major wireless network
protocols and frequencies, including Next Generation Networks in 4G
technology, such as LTE. Corporate headquarters are located at 1801
E. St. Andrew Place, Santa Ana, Calif. 92705. For more information
on Powerwave’s advanced wireless coverage and capacity solutions,
please call (888)-PWR-WAVE (797-9283) or visit our web site at
www.powerwave.com. Powerwave, Powerwave Technologies and the
Powerwave logo are registered trademarks of Powerwave Technologies,
Inc.
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