VIENNA, Va. and ANNAPOLIS, Md., Jan. 19 /PRNewswire-FirstCall/ -- Silicon Valley Bank, the premier commercial bank for companies in the technology, life science, venture capital and premium wine industries, has helped wireless communication provider and long time client TeleCommunication Systems, Inc. close financing of $75 million in new credit facilities. Silicon Valley Bank led the financing with M&T Bank, which committed $35 million to the financing.
"It's unusual to find a bank that understands technology business, and invests itself in your success as Silicon Valley Bank does," said Thomas M. Brandt, Jr., senior vice president and CFO of TeleCommunication Systems, Inc. "We have been working with Silicon Valley Bank for more than five years and recognize and appreciate all SVB does to help us succeed. This financing is a great example, which took creativity, understanding and cooperation with M&T Bank. We're pleased to be working with both institutions."
The financing comprises a $30 million term loan and a $35 million revolving line of credit. TeleCommunication Systems may also draw an additional $10 million in term financing at its option. Proceeds from the term loan re-paid certain existing indebtedness and helped TeleCommunication Systems with funding of its recently completed acquisitions. The unutilized portion of the term loan and the revolving line of credit are both available to TSYS for working capital and other corporate needs."We're proud to be able to help TeleCommunication Systems finance its expansion opportunities, particularly during difficult credit market conditions affecting many domestic and international banks," said Megan Scheffel, senior relationship manager for Silicon Valley Bank. "It's been gratifying to watch TeleCommunication Systems excel over the last several years. Today, we have the capability to offer a full range of services that allow us to help our clients as they grow both in the U.S. and globally, no matter how large they become. We wish TeleCommunication Systems continued success." Silicon Valley Bank will act as administrative agent for the senior secured credit facilities.