Bookham entered into a three-year senior secured credit agreement for $25 million with Wells Fargo Foothill
August 3, 2006
SAN JOSE, Calif. -- Bookham, Inc., (NASDAQ:BKHM), a leading provider of optical components, modules and subsystems, today announced that the Company and certain subsidiaries entered into a three-year senior secured credit agreement for $25 million with Wells Fargo Foothill, part of Wells Fargo & Company (NYSE:WFC). This agreement is a revolving credit line and availability is based on 80 percent of eligible accounts receivable. The agreement is guaranteed by the Company and certain subsidiaries and is secured by a substantial portion of the Company's and its subsidiaries' assets. The Company's ability to access the facility is subject to the performance of certain post-closing conditions.
"This credit facility is an important step in the ongoing improvement to our financial structure," said Steve Abely, chief financial officer of Bookham, Inc. "This newly available line of credit provides us with flexibility as we execute our ongoing restructuring and cost savings programs."
Bookham Inc. (Nasdaq: BKHM; London: BHM)
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