Oclaro adds lender to credit facility, lifting revolver to $80 million

By Marisa Wong

Madison, Wis., Jan. 29 - Oclaro, Inc. subsidiary Oclaro Technology Ltd. increased its revolving credit facility to $80 million from $50 million, according to an 8-K filed Tuesday with the Securities and Exchange Commission.

Oclaro and Oclaro Technology entered into an agreement on Jan. 23 with administrative agent Wells Fargo Capital Finance, Inc. adding Silicon Valley Bank as a lender under Oclaro's credit agreement dated Nov. 2.

In connection with the joinder agreement, Oclaro paid Silicon Valley Bank a lender fee of $150,000.

Oclaro also amended terms of its credit agreement on Jan. 23 so that the $25 million senior secured second-lien notes due 2018 issued by Oclaro Luxembourg SA will be applied against the maximum dollar limit of senior unsecured convertible notes that Oclaro may issue without the administrative agent's consent.

Based in San Jose, Calif., Oclaro makes optical and laser components for the telecommunications, industrial, consumer electronics, medical and science markets.

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