RF Monolithics has extended its existing $5,000,000
senior secured credit facility and $740,000 real estate mortgage with ViewPoint
Bank, a subsidiary of ViewPoint Financial Group.
These renewed and extended credit facilities will allow
RFM to continue operating with sufficient liquidity and availability while we
focus on growing revenue in our target markets. We have worked well with
ViewPoint since early 2009 and these renewals and extensions further enhance
our relationship,” said
Buddy Barnes, chief financial officer of RFM.
The facility’s maturity was extended from November 30,
2012 to November 30, 2013, and its interest rate floor was reduced from 7.0
percent to 5.25 percent. The renewed and extended credit facility is a
revolving line of credit secured by accounts receivable and finished goods
inventory.
The company has also extended real estate mortgage from
2014 to 2021 and now has a fixed rate of 5.5 percent for the next five years,
well below the floor previously in effect of 6.5 percent. Details of the
renewals and extensions will be provided in our Form 10-Q for the first fiscal
quarter of 2012.
Earlier,
RF Monolithics had announced a substantial price reduction for its ultra
low-power Wi-Fi module. Headquartered in Dallas, Texas, RF Monolithics is a
provider of solutions-driven, technology-enabled wireless connectivity for a
broad range of wireless applications.
By Telecomlead.com Team
editor@telecomlead.com
