SAN JOSE, Calif - Magma® Design Automation Inc. (Nasdaq:LAVA), a provider of chip design software, announced today it has expanded a term loan with Wells Fargo Capital Finance, LLC, part of Wells Fargo & Company (NYSE:WFC), by $10 million. The prior credit facility was entered into with Wells Fargo in March 2010.
"With this expanded credit facility we expect to pursue further repurchases of our common stock, in addition to other general corporate purposes," said Magma Chief Financial Officer Peter S. Teshima. "It gives us additional flexibility for strategic financial management."
The term of the credit facility is 4 years with a floating interest rate based on LIBOR. The initial rate is 4 percent per year.
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