IPG Secures $20M Credit Line
OXFORD, Mass., July 27, 2007 -- IPG Photonics Corp., an Oxford-based maker of fiber lasers and amplifiers, announced Thursday it has entered into a new $20 million unsecured revolving credit facility with Bank of America NA.
The new credit line bears interest at LIBOR (London Interbank Offered Rate) plus 0.8 to 1.2 percent and matures on July 25, 2010. It replaces a $7 million receivables-based secured line of credit, which bore interest at LIBOR plus 3 percent and would have expired in June 2008, IPG said in a statement.
The company said funds will be used to support its global operations, to pay existing bank debt and for "general corporate purposes." It has the ability to access an additional $5 million under the new credit line.
"This new line of credit provides IPG Photonics with additional financial flexibility and increased capital to finance our international operations," said Tim Mammen, IPG's chief financial officer. "Across the world, customers are realizing the benefits of our superior fiber lasers in a variety of industries. We look forward to continuing to grow the business as we capitalize on increased global demand for our products."
For more information, visit: ipgphotonics.com