Wednesday, September 3, 2008

RF Monolithics Gets Credit Facility

Dallas-based RF Monolithics, a developer of components for the wireless M2M market, said Wednesday that it has received an updated credit facility from Wells Fargo Bank. According to the firm, the new credit facility keeps in place its existing loans, including $3M in a term loan and $11M in a revolving credit line. According to RF Monolithics, the credit facility expires in December of 2010. RF Monolithics has been slashing jobs and selling off or discontinuing businesses, in a bid to return to profitability, and the credit facility indicates the firm's lenders appear to be comfortable with the firm's moves. The firm cut a software subsidiary in early August, and laid off 17 percent of its workforce, on top of employee cuts in April.