Concurrent Computer Corp, Oceanport, New Jersey reports that it has successfully refinanced its $15.5m outstanding senior bank debt. The real-time systems builder entered into a new $18m three-year loan agreement with Foothill Capital Corp of Santa Monica, California that includes a $10m three-year term loan and an $8m revolving credit facility. The debt bears interest at the prime rate plus 2%.
Iomega Corp, Roy, Utah is in dire need of cash to finance the success of its Zip and Ditto drives, and to launch its 1Gb Jaz drive, and it has won a secured loan agreement with the commercial finance division of Wells Fargo Bank NA for term loans, revolving loans and letters of credit of up to $60m. The agreement runs to June 30 1996 but the total of revolving loans and letters of credit will be limited to 80% of eligible accounts receivable with a sub-limit of $10m for letters of credit. Equipment-based term loans will also be limited to $10m. Although the maximum amount borrowable will vary, the company says it estimates that about $15m will presently be available under the facility.
