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.
Popular Articles
- COMET robot machining consortium meets at Fraunhofer
- Rapiscan Uses Autodesk Vault to Effectively Collaborate on Security Products
- SigmaNEST Delivers Results to Tampa Bay Steel
- InventorCAM 2012 makes its debut, reducing cycle times by up to 70% for Autodesk customers, with iMachining
- EDS Technologies Signs MoU With Mar Baselios College Of Engineering
- Delcam launches DentSCAN dental scanner
- Delcam's ArtCAM speeds ice bar production
- Delcam's new web site for PartMaker CAM system for production machining
- GE Scientists Decorate the Christmas Tree With 3-D Printed Ornaments
- Panso Solutions of India Joins the Aras Partner Program
