Identive Group Amends Credit Agreement With Opus Bank

Identive Group (INVE), a global security technology company, said late Tuesday that it has amended its existing credit agreement with Opus Bank.

The original agreement, entered into on March 31, 2014, provided for a $10 million term loan and $10 million revolving loan facility. The agreement was amended in November 2014 with improved financing terms, lowering the annual interest rate on the term loan and revolving credit line, deferring the repayment of the term loan to a lump sum in March 2017, increasing the capital availability under the revolving loan facility from $10 million to $30 million, and setting its new maturity date to Nov. 10, 2017.

A second amendment was entered into on Dec. 4, 2015, providing for a waiver of the tangible net worth financial covenant at Sept. 30, 2015 and amending the covenant to reset the base amount to $8,000,000, measured quarterly beginning at the end of the fiscal quarter ending Dec. 31, 2015.

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