HOPKINS, Minn .– (AFTERNOON PRAYER) – Digi International Inc. announced (NASDAQ: DGII), a leading global provider of mission-critical internet (“IoT”) business products, services and solutions, today announced that it has reached an amended and repeat credit agreement with BMO Harris Bank NA as administrative agent and collateral agent.
The new facility provides Digi with a highly secured credit facility that includes a $ 200 million secure recurring credit facility with an option to increase the size of the facility by an additional $ 75 million. It replaces the existing credit facility which included a $ 48 million Term A loan balance and a $ 100 million secured recurring loan.
“We are thrilled with the added flexibility provided by our banking organization and this new credit agreement, ”said Jamie Loch, Principal Vice President, CFO, and Treasurer. “By converting our Term A debt to surgery we gain more flexibility. And expanding our lending capacity can help Digi accelerate our growth plans, both organically and inorganically. ”
Subject to the terms of the facility, Digi may use loans for working capital, capital expenditures, limited payments, construction and other general corporate purposes.
Parties to the agreement include BMO Capital Markets Corp., as the sole arbitrator and sole bookmaker, Silicon Valley Bank, as the principal arbitrator and syndication agent, and the Bank of the United States and the Citizens Bank as lenders.
The prices and interest of the credit agreement have been adjusted and restated in accordance with the previous credit agreement. The terms of the amended and repeat credit agreement can be found in a current report on Form 8-K on file with the SEC, as well as under the investment section of our website www.digi.com.
About Digi International
Digi International (NASDAQ: DGII) is a leading global provider of IoT connectivity products, services and solutions. We help our customers create next-generation connected products, and deploy and manage emergency communications infrastructures in challenging environments with high levels of security and reliability. Founded in 1985, we have helped our customers connect over 100 million items and grow. For more information, visit the Digi website at www.digi.com, or call 877–912–3444 (US) or 952–912–3444 (International).