Fremont, California and Sydney, Australia; 29 August 2019 — Pivotal Systems Corporation (“Pivotal” or the “Company”) (ASX: PVS), a leading provider of innovative gas flow control (“GFC”) solutions to the semiconductor industry, today announces it has closed a US$10 million business financing agreement with Bridge Bank.
The new $10.0 million facility is comprised of:
- US$7.0 million working capital revolving credit line (“Revolving Credit Line”)
- US$3.0 million term loan line of credit (“Term Loan”)
The amount of liquidity available under the US$7.0 million Revolving Credit Line is based upon the Company’s balances and composition of eligible customer receivables and inventory, as well as other factors. Amounts borrowed under the Revolving Credit Line mature and become due and payable in 24 months, unless extended by the parties.
The US$3.0 million Term Loan provides funds for the funding of working capital and other corporate purposes through (3 Years after Closing), at which time amounts funded under the Term Loan then become payable in 36 equal monthly installments.
Mr. John Hoffman, Chairman and CEO of Pivotal said: “We are pleased to have secured this new facility with Bridge Bank, which provides Pivotal with additional balance sheet flexibility, in a non-dilutive manner and on attractive terms. I look forward to updating our investors on the progress we have made at Pivotal during the last six months, when our half year results are released to the market on 30 August.”