QLogic Announces New $125 Million Revolving Credit Facility
ALISO VIEJO, Calif., March 22, 2013 (GLOBE NEWSWIRE) -- QLogic Corp. (Nasdaq:QLGC), a leading supplier of high performance network infrastructure solutions, today announced the closing of a new $125 million revolving credit facility that matures in March 2018. This unsecured credit facility can be used for working capital and general corporate purposes.
"We are pleased to receive this unsecured credit facility at a very attractive interest rate in a deal from a strong group of lenders led by JP Morgan and others including Bank of America, Silicon Valley Bank and Union Bank," said Jean Hu, senior vice president and chief financial officer, QLogic. "While we have no immediate plans to draw upon the facility, this is an opportune time to add a revolving credit facility to our capital structure, which provides us further financial flexibility to support our long-term corporate objectives."
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QLogic – the Ultimate in Performance
QLogic (Nasdaq:QLGC) is a global leader and technology innovator in high performance networking, including adapters, switches and ASICs. Leading OEMs and channel partners worldwide rely on QLogic products for their data, storage and server networking solutions. For more information, visit www.qlogic.com.
Disclaimer – Forward-Looking Statements
This press release contains statements relating to the company's capital structure plans that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected or implied in the forward-looking statements. The company advises readers that these potential risks and uncertainties include, but are not limited to: unfavorable economic conditions; potential fluctuations in operating results; gross margins that may vary over time; the stock price of the company may be volatile; the company's dependence on the networking markets served; the ability to maintain and gain market or industry acceptance of the company's products; the company's dependence on a small number of customers; the company's ability to compete effectively with other companies; the complexity of the company's products; declining average unit sales prices of comparable products; the company's dependence on sole source and limited source suppliers; the company's dependence on relationships with certain third-party subcontractors and contract manufacturers; the ability to attract and retain key personnel; sales fluctuations arising from customer transitions to new products; seasonal fluctuations and uneven sales patterns in orders from customers; a reduction in sales efforts by current distributors; changes in the company's tax provisions or adverse outcomes resulting from examination of its income tax returns; international economic, currency, regulatory, political and other risks; facilities of the company and its suppliers and customers are located in areas subject to natural disasters; the ability to protect proprietary rights; the ability to satisfactorily resolve any infringement claims; uncertain benefits from strategic business combinations, acquisitions and divestitures; declines in the market value of the company's marketable securities; changes in and compliance with regulations; difficulties in transitioning to smaller geometry process technologies; the use of "open source" software in the company's products; and security system risks, data protection breaches and cyber-attacks.
More detailed information on these and additional factors which could affect the outcome of the forward-looking statements contained in this press release and the company's operating and financial results are described in the company's Forms 10-K, 10-Q and other reports filed, or to be filed, with the Securities and Exchange Commission. The company urges all interested parties to read these reports to gain a better understanding of the business and other risks that the company faces. The forward-looking statements contained in this press release are made only as of the date hereof, and the company does not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
QLogic and the QLogic logo are registered trademarks of QLogic Corporation. Other trademarks and registered trademarks are the property of the companies with which they are associated.
CONTACT: Media Contact: Steve Sturgeon QLogic Corporation 858.472.5669 firstname.lastname@example.org Investor Contact: Jean Hu QLogic Corporation 949.389.7579 email@example.com