Magma Announces Renewed Credit Line, Improved Terms
SAN JOSE, Calif. -- Oct. 19, 2009 -- Magma(R) Design Automation Inc. (Nasdaq:LAVA), a provider of chip design software, announced today it has renewed a credit line with Wells Fargo Bank. The new line replaces an existing $15 million credit facility, eliminates borrowing restrictions imposed by the prior facility and extends the term of the agreement.
"This new line of credit's favorable terms give us improved flexibility, and I believe indicate improved confidence in Magma's financial profile," said Magma Chief Financial Officer Peter S. Teshima. "Wells Fargo has been an excellent financial partner since 2003 and we are very pleased to continue this relationship."
Magma entered into an amendment to an existing credit agreement between Magma and Wells Fargo Bank on Oct. 9, 2009, resulting in a single revolving line of credit of $15 million that replaced two previous $7.5 million revolving lines of credit. It also eliminated borrowing restrictions based on Magma's level of accounts receivable and extended the term of the line of credit to Sept. 30, 2010. The line of credit was initiated in 2007.
About Magma
Magma's electronic design automation (EDA) software is used to create complex, high-performance integrated circuits (ICs) for cellular telephones, electronic games, WiFi, MP3 players, DVD/digital video, networking, automotive electronics and other electronic applications. Magma products for IC implementation, analog/mixed-signal design, analysis, physical verification, circuit simulation and characterization are recognized as embodying the best in semiconductor technology, providing the world's top chip companies the "Fastest Path to Silicon"(TM). Magma maintains headquarters in San Jose, Calif., and offices throughout North America, Europe, Japan, Asia and India. Magma's stock trades on Nasdaq under the ticker symbol LAVA. Visit Magma Design Automation on the Web at www.magma-da.com.
|
Related News
- Magma Announces Quartz iPOP Initiative -- Delivers "Improved Productivity, Operability and Performance" for Faster, Higher Capacity Physical Verification
- Magma Realigns Organization for Enhanced Focus On Key Technology Segments and Improved Financial Profile
- Silvaco Expands Product Offering with Acquisition of Cadence's Process Proximity Compensation Product Line
- CEA-Leti Announces FAMES Pilot Line In Nature Reviews Electrical Engineering
- Fraunhofer IZM is powering the evolution of chiplet technologies as part of the APECS pilot line
Breaking News
- intoPIX Powers Ikegami's New IPX-100 with JPEG XS for Seamless & Low-Latency IP Production
- Tower Semiconductor and Alcyon Photonics Announce Collaboration to Accelerate Integrated Photonics Innovation
- Qualcomm initiates global anti-trust complaint about Arm
- EnSilica Agrees $18m 7 Year Design and Supply ASIC Contract
- SiliconIntervention Announces Availability of Silicon Based Fractal-D Audio Amplifier Evaluation Board
Most Popular
- Qualcomm initiates global anti-trust complaint about Arm
- Siemens acquires Altair to create most complete AI-powered portfolio of industrial software
- Alphawave Semi Reveals Suite of Optoelectronics Silicon Products addressing Hyperscaler Datacenter and AI Interconnect Market
- EnSilica Agrees $18m 7 Year Design and Supply ASIC Contract
- Rapidus Announces Strategic Partnership with Quest Global to Enable Advanced 2nm Solutions for the AI Chip Era
![]() |
E-mail This Article | ![]() |
![]() |
Printer-Friendly Page |