Extreme Networks draws down $55 million on revolving facility

By Sarah Lizee

Olympia, Wash., April 8 – Extreme Networks, Inc. drew down $55 million of its $75 million revolving credit facility on March 24 in order to enhance financial flexibility, according to a press release.

The company also implemented interest rate swap contracts on slightly more than half of its $370 million outstanding term loan A debt principal to take advantage of lower Libor rates.

Extreme Networks also sought a waiver of the covenants under the term loan A due 2024 from its lender group through July 31, which was unanimously approved on Tuesday.

Based in San Jose, Calif., Extreme Networks provides network infrastructure equipment for corporate, government, education and health care enterprises and metropolitan telecommunications service providers.

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