OXFORD, Mass., Oct. 15, 2007 -- IPG Photonics Corp. announced today it has entered into a new 15 million euro ($21 million) unsecured revolving credit facility with Deutsche Bank AG.
The new credit line replaces several secured overdraft facilities totaling about $8 million, which expire at set dates through June 2010. It supplements another $20 million unsecured revolving credit facility from Bank of America NA that was signed in July.
Funds from the new line of credit will be used to support IPG Photonics’ global operations, to pay down existing bank debt and for general corporate purposes, the company said in a statement.
“We are pleased to have secured this new credit facility because it offers us better terms, a longer-term committed line and additional liquidity,” said IPG Photonics Chief Financial Officer Tim Mammen. “The new credit facility gives us additional financial flexibility as we capitalize on the growing demand for our fiber lasers.”
For more information, visit: www.ipgphotonics.com