The transaction was oversubscribed and the new facility was arranged by Bank of America Merrill Lynch as lead and book manager. Other participant banks include Bank of the West, Comerica Bank, HSBC Bank USA National Association, Silicon Valley Bank and Union Bank.
“Access to this capital facility provides Power-One with additional flexibility to execute our strategies, including our focus on high growth markets in the United States, China, and India,” said Gary R. Larsen, Power-One’s Chief Financial Officer. “Further, as our customers are increasingly looking for partners with solid balance sheets, Power-One has the financial capabilities to service their long-term product needs and projects.”