QLogic Announces New $125 Million Revolving Credit Facility
ALISO VIEJO, Calif., March 22, 2013 (GLOBE NEWSWIRE) -- QLogic Corp.
(Nasdaq:QLGC), a leading supplier of high performance network infrastructure
solutions, today announced the closing of a new $125 million revolving credit
facility that matures in March 2018. This unsecured credit facility can be
used for working capital and general corporate purposes.
"We are pleased to receive this unsecured credit facility at a very attractive
interest rate in a deal from a strong group of lenders led by JP Morgan and
others including Bank of America, Silicon Valley Bank and Union Bank," said
Jean Hu, senior vice president and chief financial officer, QLogic. "While we
have no immediate plans to draw upon the facility, this is an opportune time
to add a revolving credit facility to our capital structure, which provides us
further financial flexibility to support our long-term corporate objectives."
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QLogic – the Ultimate in Performance
QLogic (Nasdaq:QLGC) is a global leader and technology innovator in high
performance networking, including adapters, switches and ASICs. Leading OEMs
and channel partners worldwide rely on QLogic products for their data, storage
and server networking solutions. For more information, visit www.qlogic.com.
Disclaimer – Forward-Looking Statements
This press release contains statements relating to the company's capital
structure plans that are "forward-looking statements" as defined in the
Private Securities Litigation Reform Act of 1995. Such forward-looking
statements are subject to risks and uncertainties that could cause actual
results to differ materially from those projected or implied in the
forward-looking statements. The company advises readers that these potential
risks and uncertainties include, but are not limited to: unfavorable economic
conditions; potential fluctuations in operating results; gross margins that
may vary over time; the stock price of the company may be volatile; the
company's dependence on the networking markets served; the ability to maintain
and gain market or industry acceptance of the company's products; the
company's dependence on a small number of customers; the company's ability to
compete effectively with other companies; the complexity of the company's
products; declining average unit sales prices of comparable products; the
company's dependence on sole source and limited source suppliers; the
company's dependence on relationships with certain third-party subcontractors
and contract manufacturers; the ability to attract and retain key personnel;
sales fluctuations arising from customer transitions to new products; seasonal
fluctuations and uneven sales patterns in orders from customers; a reduction
in sales efforts by current distributors; changes in the company's tax
provisions or adverse outcomes resulting from examination of its income tax
returns; international economic, currency, regulatory, political and other
risks; facilities of the company and its suppliers and customers are located
in areas subject to natural disasters; the ability to protect proprietary
rights; the ability to satisfactorily resolve any infringement claims;
uncertain benefits from strategic business combinations, acquisitions and
divestitures; declines in the market value of the company's marketable
securities; changes in and compliance with regulations; difficulties in
transitioning to smaller geometry process technologies; the use of "open
source" software in the company's products; and security system risks, data
protection breaches and cyber-attacks.
More detailed information on these and additional factors which could affect
the outcome of the forward-looking statements contained in this press release
and the company's operating and financial results are described in the
company's Forms 10-K, 10-Q and other reports filed, or to be filed, with the
Securities and Exchange Commission. The company urges all interested parties
to read these reports to gain a better understanding of the business and other
risks that the company faces. The forward-looking statements contained in this
press release are made only as of the date hereof, and the company does not
intend to update or revise these forward-looking statements, whether as a
result of new information, future events or otherwise.
QLogic and the QLogic logo are registered trademarks of QLogic Corporation.
Other trademarks and registered trademarks are the property of the companies
with which they are associated.
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