Applied Optoelectronics Enters New $50 Mln Revolving Credit Agreement

Applied Optoelectronics (AAOI), a provider of fiber optic networking products, said it has entered into a three-year, $50 million, revolving line of credit with a unit of BB&T Corporation (BBT).

The loan will bear interest at a rate equal to the one-month LIBOR plus 1.50%, the company said in a filing with the U.S. Securities and Exchange Commission.

The company also entered into a series of other transactions that resulted in the termination of a $17.5 million revolving credit note with East West Bank, a $2.5 million revolving credit note with East West Bank, a $5 million term note with East West Bank, a $17.5 million revolving credit note with Comerica Bank, a $2.5 million revolving credit note with Comerica Bank, a $5 million term note with Comerica Bank, and a $22 million construction loan with East West Bank.

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