Catalyst Semiconductor, Inc. announces bank agreement.SANTA CLARA, Calif.--(BUSINESS WIRE)--Dec. 6, 1995--CATALYST SEMICONDUCTOR, INC. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CATS) today announced that it has concluded negotiations for a new working capital line of credit from Comerica Bank of California The Bank of California was founded in San Francisco, California on July 5, 1864 by William Chapman Ralston. It was the first commercial bank in the Western United States, the second-richest bank in the nation, and considered instrumental in developing the American Old West. . David J. Stearns, Senior Vice President and Manager of Comerica's California High Technology Banking Division, said "We are very impressed with the Company's management, and with the results the Company has shown. We look forward to providing financial services to assist Catalyst with its working capital needs for continued success." Under the terms of the new agreement, Catalyst will receive $10 million of borrowing capacity at the prime lending rate The lowest rate of interest that a financial institution, such as a bank, charges its best customers, usually large corporations, for short-term unsecured loans. The prime lending rate is an economic indicator and is often used as a measuring point for adjusting interest which includes a within-line facility for collateralizing letters of credit. The new line provides an additional $4 million of credit and reduces the borrowing rate by one percentage point compared to the current agreement. The transition from the Company's current line of credit facility will be completed by the end of January. Michael Powell, the Company's Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , said "I am pleased that Comerica has recognized the improved financial strength of Catalyst and has, therefore, provided the Company with this additional lower-cost financing. The increased borrowing capacity will allow the Company to pursue the wafer supply needed to accelerate our sales growth." Catalyst Semiconductor, Inc. designs and markets a broad range of nonvolatile semiconductor memory products. Its headquarters are in Santa Clara, California Santa Clara, California (IPA: /ˌsæntəˈklærə/) , founded in 1777 and incorporated in 1852, is a city in Santa Clara County, in the U.S. state of California. . CONTACT: CATALYST SEMICONDUCTOR, INC. WOLFE AXELROD ASSOCIATES Daryl Stemm Mona J. Walsh (408) 748-7700 Stephen D. Axelrod, CFA (Computer Fraud and Abuse Act of 1986) Signed into law in 1986, the CFA was a significant step forward in criminalizing unauthorized access to computer systems and networks. The Act applies to "federal interest computers" that include any system used by the U.S. Barbara Yu (Media) (212) 370-4500 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion