Benzinga | Jun 24, 2021 07:31AM EDT

MaxLinear Avails $350M Senior Secured Term Loan Facility, $100M Revolving Credit Facility For Debt Repayment

* MaxLinear, Inc (NYSE:MXL) availed a new $350 million seven-year senior secured term B loan facility to repay and terminate MaxLinear's existing credit facilities, pay fees and expenses, and provide additional working capital for MaxLinear.

* MaxLinear also availed a new $100 million five-year senior secured revolving credit facility which was undrawn at the time of close.

* The new credit facility expands MaxLinear's borrowing capacity, extends the indebtedness term, and reduces amortization expenses.

* The revolving facility provides increased strategic and operational flexibility to support the critical growth initiatives.

* Wells Fargo Securities, MUFG Securities Americas, BMO Capital Markets, and Citizens Bank are the joint lead arrangers and book-runners for the transaction.

* MaxLinear held $344.1 million in long-term debt as of Mar. 31, 2021. It had $22.4 million in long-term lease liabilities.

* The company held $149.2 million in cash and equivalents.

* Price action: MXL shares closed higher by 2.93% at $39.99 on Wednesday.