Finisar Corporation (NASDAQ: FNSR), a technology leader in gigabit fiber optic solutions for high-speed data networks, today announced that it had entered into an agreement with Silicon Valley Bank, the premier commercial bank for technology and life science companies and member of SVB Financial Group (NASDAQ: SIVB), to increase its available line of credit to $70.5 million.
BACKGROUND
Finisar has maintained a revolving line of credit totaling $35 million since October 2004 with Silicon Valley Bank consisting of a $20 million non-recourse receivables purchase agreement and a $15 million letter of credit reimbursement agreement to cover the issuance of standby letters of credit.
