DragonWave increases credit facility to $40M

OBJ Staff
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DragonWave, an Ottawa-based supplier of wireless broadband components, has increased its line of credit.

(Stock image)

The company has increased its revolving credit facilities with Comerica Bank and Export Development Canada to US$40 million from US$20 million, it announced on Tuesday.

The maturity date of the asset-backed credit facility has been extended by two years, from May 31, 2014 to June 1, 2016.

DragonWave currently has US$15 million drawn on the facility.

The packet microwave radio system supplier has struggled to achieve profitability. In October CEO Peter Allen said he didn’t expect to reach profitability from operations until the middle of next year.

DragonWave (TSX: DWI) releases its next quarterly results on Jan. 13.

Organizations: DragonWave, Comerica Bank, Export Development Canada TSX

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