Canadian telecoms manufacturer DragonWave has increased and extended its revolving credit facilities (RCFs).
The wireless broadband component supplier has increased the size of its RCF with EDC, the Canadian export credit agency (ECA), and Comerica Bank from US$20mn to US$40mnn. The additional credit, which was due to expire in May 2014, will now be available until June 2016.
The exporter’s CFO Russell Frederick tells GTR that the finance will be used mainly for working capital, as the firm attempts to increase its foothold in overseas markets. It has currently drawn-down US$15mn of the existing facility.