Stratex Networks Announces Expanded Credit Facility
03 March 2006 - 8:01AM
PR Newswire (US)
SAN JOSE, Calif., March 2 /PRNewswire-FirstCall/ -- Stratex
Networks, Inc. (NASDAQ:STXN), a leading provider of wireless
transmission solutions, announced today it has amended its existing
credit facility with SVB Silicon Valley Bank, the commercial
banking arm of SVB Financial Group (NASDAQ:SIVB). The new agreement
extends the credit facility for a further one-year period expiring
in April 2008 and increases the credit limit to $50 million.
Included in the new credit facility is an additional $20 million in
long-term borrowing, which will be repaid over a period of four
years. This increase in the credit facility was completed to
provide additional resources for working capital requirements and
other corporate purposes. "This expanded credit facility, as well
as our return to profitability, provides us with the flexibility
and resources to fund the current growth of our business," said
Carl Thomsen, Senior Vice President and Chief Financial Officer of
Stratex Networks. About Stratex Networks With headquarters in San
Jose, California, Stratex Networks, Inc. is one of the world's
leading providers of high-speed wireless transmission solutions.
Since it was founded in 1984, Stratex Networks has achieved
international recognition for quality, innovation, and technical
superiority in delivering data, voice, and video communication
systems, including comprehensive service and support. Stratex
Networks, with its broad product offering and worldwide sales and
support organization, is strategically positioned to serve its
customers' needs in wireless, high-capacity transmission
technology. Additional information is available at
http://www.stratexnetworks.com/. DATASOURCE: Stratex Networks, Inc.
CONTACT: Mary McGowan of Summit IR Group Inc., +1-408-404-5401, or
, for Stratex Networks Web site: http://www.stratexnet.com/
Copyright
Stratex (NASDAQ:STXN)
Historical Stock Chart
From May 2024 to Jun 2024
Stratex (NASDAQ:STXN)
Historical Stock Chart
From Jun 2023 to Jun 2024
Real-Time news about Stratex Networks (NASDAQ): 0 recent articles
More Stratex Networks (MM) News Articles