Ixia doubles revolver to $150 million, extends agreement by two years

By Wendy Van Sickle

Columbus, Ohio, Jan. 29 – Ixia doubled availability under its revolving credit facility to $150 million, extended the maturity of its credit agreement by two years and made some other changes under a Monday amendment, according to an 8-K filed with the Securities and Exchange Commission.

The credit agreement with Silicon Valley Bank as administrative agent will now mature Feb. 15, 2020.

At closing of the amendment, the revolver was undrawn and $38.5 million principal was outstanding under the term loan provided by the credit agreement.

The amendment also includes an accordion feature allowing the company to request up to an additional $100 million under the revolver.

Additionally, the maximum consolidated total leverage ratio was increased and the company is now permitted to fund cash acquisitions up to $200 million with some restrictions.

Silicon Valley Bank is the administrative agent under the credit facility, and together with Regions Bank, acted as co-lead arranger under the amended credit agreement. Cadence Bank, NA is the documentation agent, and other participating lenders included Barclays Bank plc, Bank of the West, MUFG Union Bank, NA and SunTrust Bank.

Calabasas, Calif.-based Ixia provides test and monitoring services that enable its customers to optimize networks and data centers to accelerate, secure and scale application delivery.

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