Conexant secures $20 million credit facility

NEWPORT BEACH, USA: Conexant Systems Inc. announced that its special purpose entity, Conexant CF, LLC, renewed and increased an accounts receivable credit facility with Silicon Valley Bank for $20 million.

The renewed credit facility is effective through December 31, 2013, and replaces an expiring one-year, $15 million accounts receivable credit facility.

“We are pleased to extend our relationship with Silicon Valley Bank and secure a three-year, $20 million credit line with lower interest rates than our previous facility,” said Jean Hu, Conexant’s chief financial officer. “Our renewed credit facility will continue to provide us with financial flexibility as we focus on driving business growth.”