Adesto Technologies Announces Restructuring of Debt Facility
ADESTO TECHNOLOGIES CORP COMMON (IOTS)
Last adesto technologies corp common earnings: 3/16 05:11 pm
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US:NASDAQ Investor Relations:
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Source: GlobeNewswire
SANTA CLARA, Calif., Oct. 05, 2017 (GLOBE NEWSWIRE) -- Adesto Technologies Corporation, (NASDAQ:IOTS), a leading provider of application-specific, ultra-low power non-volatile memory (NVM) products, today announced the Company has amended its existing debt agreement with Bridge Bank, a division of Western Alliance Bank. The benefits of the amended agreement include expanded borrowing capacity under a working capital line of credit, deferred principal payments on a term loan as well as lower interest rates on both the working capital line and term loan. Under the terms of the amended debt agreement, borrowing capacity under the working capital line of credit has been increased from $2 million to $5 million. Additionally, under the revised terms, repayment of the term loan will consist of interest only for the first 12 months, followed by amortization of principal and interest over the subsequent 36 months. The new debt service payments will be reduced to approximately $1.0 million p
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