CalAmp retires 12% subordinated notes for $5 million plus interest

By Devika Patel

Knoxville, Tenn., Aug. 16 - CalAmp Corp. said it retired its 12% subordinated notes due Dec. 22, 2012 at par for $5 million plus interest. It used funds from its operating cash flows and borrowings under an amended bank credit facility.

As a result of the early redemption, the company will record a non-cash charge of about $500,000 in the second quarter of fiscal 2012.

The company also said it amended its senior credit facility with Square 1 Bank. The amended facility allows borrowings of up to $12 million, which consist of a $3 million term loan and a $12 million revolver.

Based in Oxnard, Calif., CalAmp is a provider of wireless communications products that enable anytime/anywhere access to data and content.

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