Finisar Gets New Senior Revolving Credit Facility

SUNNYVALE, Calif. (AP) — Finisar Corp., a maker of fiber-optic subsystems and other data networking equipment, said Monday that it received a new senior secured revolving credit agreement from Wells Fargo Foothill.

The facility includes a $70 million revolving credit line and $10 million letter of credit sub-agreement. The facility is expected to close by the month's end, and matures four years later. The new facility will replace an existing $45 million credit agreement with another bank.

Finisar plans to use the facility to finance working capital and refinance debt, which includes buying back some outstanding convertible notes due October 2010.

Wells Fargo Foothill is a business of Wells Fargo & Co.