3D printer maker Stratasys Inc. (Nasdaq: SSYS) today announced it has entered into a credit agreement with Bank of America, N.A. for a five year revolving credit facility of up to $250 million. The company added that it has the right to request increases in the facility of up to an aggregate of $75 million, subject to the agreement of the lenders and certain other conditions.
Stratasys said that the credit facility provides added capacity and flexibility for the company’s ongoing expansion and acquisition initiatives.
Stratasys CFO & COO (Israel Erez Simha said, “We believe our new credit facility, combined with the successful equity offering we completed in September, provides the company with sufficient resources to fund expansion and growth initiatives. Our industry continues to develop at a rapid pace, and we believe we are now better positioned to capitalize on emerging opportunities."
Bank of America, N.A. is the administrative agent and swing line lender, and Citibank, N.A. and HSBC Bank USA, National Association, are co-syndication agents while Silicon Valley Bank is documentation agent.
Published by Globes [online], Israel business news - www.globes-online.com - on November 12, 2013
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