SAN JOSE, Calif.--(BUSINESS WIRE)--NeoPhotonics Corporation (NYSE:NPTN), a leading designer and manufacturer of optoelectronic solutions for the highest speed communications networks in telecom and datacenter applications, today announced that it has entered into a new five year, $50 million revolving credit facility with Wells Fargo Bank, National Association, effective September 8, 2017.
Upon closing, the Company drew $30 million under the new facility and will use the proceeds of the credit facility to pay off its existing facility with Comerica Bank and for working capital needs and general corporate purposes.
“This new credit facility provides NeoPhotonics with lower capital costs, an extended maturity and increased borrowing capacity for continued execution against our strategic priorities globally,” said Tim Jenks, NeoPhotonics’ President and CEO.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This press release includes statements that qualify as forward-looking statements under the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements about the following topics: benefits of the new credit facility with Wells Fargo Bank, anticipated use of proceeds of the credit facility, and execution of the Company’s strategic priorities. Forward-looking statements are subject to certain risks and uncertainties that could cause the actual results to differ materially. For discussion of these risks and uncertainties, please refer to the documents the Company files with the SEC from time to time, including the Company's Annual Report on Form 10-K for the year ended December 31, 2016 and its Form 10-Q for the six months ended June 30, 2017. All forward-looking statements are made as of the date of this press release, and the Company disclaims any duty to update such statements.
NeoPhotonics is a leading designer and manufacturer of optoelectronic solutions for the highest speed communications networks in telecom and datacenter applications. The Company’s products enable cost-effective, high-speed data transmission and efficient allocation of bandwidth over communications networks. NeoPhotonics maintains headquarters in San Jose, California and ISO 9001:2000 certified engineering and manufacturing facilities in Silicon Valley (USA), Japan and China. For additional information visit www.neophotonics.com.
©2017 NeoPhotonics Corporation. All rights reserved. NeoPhotonics and the red dot logo are trademarks of NeoPhotonics Corporation. All other marks are the property of their respective owners.