This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Ceragon Networks Secures $73.5 Million Credit Facility

PARAMUS, New Jersey, March 14, 2013 /PRNewswire/ --

Ceragon Networks Ltd. (NASDAQ: CRNT), the #1 wireless backhaul specialist, today announced the closing of a three year $73.5 million of secured credit loans with an additional credit of up to $40.2 million available for bank guarantees, from a group of lenders led by Bank Hapoalim B.M.. The loans under the credit facility are expected to be used by Ceragon to manage fluctuating working capital needs, mainly related to the deployment of its equipment at tier 1 operators and for general corporate purposes.

The new credit facility will bear floating interest at a base rate plus an applicable spread of up to 3% per annum (3 month Libor plus 3.3% as of March 14). The new credit facility is secured by a floating charge over all the Company's assets and a fixed lien over its bank accounts at the lending institutions.

The credit facility replaces all of the Company's existing credit facilities, including the loan agreement with Bank Hapoalim B.M. entered into in 2011, and other short term credit facilities with other banks. At December 31, 2012, Ceragon had $26.8 million of long term debt, including current maturities, as well as $17 million drawn down from the previous credit facilities, which totaled $40 million.

"We are pleased with the successful completion of this credit facility, which provides several advantages over our prior credit agreements. The new credit facility consists of amounts larger than the previously available credit line, is fully-committed for three years, with financial covenants that are less stringent and bears interest at approximately the same rate," said Aviram Steinhart, EVP and CFO of Ceragon. "In addition, under the terms of the agreement, the amounts we repay on the longer term loan taken in relation to the Nera acquisition, will immediately become available credit for our working capital needs under the new facility. We believe this will provide the necessary flexibility to successfully manage the fluctuations in working capital inherent in our business model."

About Ceragon Networks Ltd.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,126.12 -36.87 -0.20%
S&P 500 2,120.79 -2.69 -0.13%
NASDAQ 5,097.9760 -8.6170 -0.17%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs