CalAmp signs $50 million borrowing base revolving credit facility

Chicago, July 15 – CalAmp closed on a $50 million revolving credit and security agreement on Wednesday with PNC Bank, NA as lender and administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The asset-based facility caps borrowing at 80% of eligible accounts receivable and 50% of eligible inventory.

The loans are due July 13, 2025 or the date that is 90 days before the maturity date of the company’s convertible senior notes due in 2025.

Borrowings will bear interest at the BSBY plus 250 basis points.

The unused line fee will be between 50 bps and 75 bps per year.

Proceeds may be used for working capital and general corporate purposes, which may include acquisitions.

CalAmp is an Irvine, Calif.-based provider of IoT software applications, cloud services, data intelligence and networked telematics products and services.

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