Identiv, Inc. Enters into an Amendment to Loan and Security Agreement with East West Bank
January 30, 2020 at 04:48 pm
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On January 28, 2020, Identiv, Inc. entered into an amendment to its Loan and Security Agreement with East West Bank. The Twelfth Amendment, retains the total credit amount of $20.0 million but includes a new term loan facility in a principal amount of $4.5 million, and the revolving loan facility under the Loan and Security Agreement was decreased to $15.5 million. The new term loan has an interest rate equal to the prime rate plus 2.25%, will amortize beginning February 1, 2020, with principal in the amount of $0.25 million due monthly through the first anniversary of the term loan, and the remainder due on such first anniversary. In addition, certain definitions in the Loan and Security Agreement were amended pursuant to the Twelfth Amendment, including the definition of EBITDA and Borrowing Base, and a new fixed charge coverage ratio financial covenant was added. Upon repayment of the new term loan in full, the revolving loan facility will be increased to $20.0 million and the fixed charge coverage ratio financial covenant will no longer apply.
Identiv, Inc. is a global provider of secure identification and physical security. The Company operates through two segments: Identity segment and Premises segment. Identity segment designs, technologies, and intellectual property (IP) that enable the secure digital capabilities of radio-frequency identification (RFID) chips to work within the analog world of antennas, power harvesting, data conversion and security. Premises segment offers a comprehensive, end-to-end product line with customization that meets the varying needs of the customers. Premises business product portfolio includes identity credentials, access readers, access control systems, video management systems, and video analytics, deployed in a hyper-converged platform or a cloud-based architecture. The Companyâs software platform for premises digitization enables centralized management of a physical place, including control of doors, cameras, gates, elevators and other building equipment.