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Novatel Wireless Raises Revolving Line of Credit to $48 Million

Novatel Wireless Inc. said Nov. 17 that its bank raised the amount of its revolving line of credit to $48 million.

Previously, Wells Fargo Bank limited the credit facility, or revolver, to $25 million.

Novatel Wireless (Nasdaq: NVTL) is in the middle of changing its business model from hardware only to software as a service, with the recent acquisitions of South Africa-based DigiCore and Oregon-based Feeney Wireless. The board of directors dismissed its CEO, Alex Mashinsky, and named a new CEO, Sue Swenson, in late October.

Wells Fargo first gave Novatel access to the revolving line of credit in October 2014. The revolver gives the company capital flexibility for its growth initiatives and general corporate purposes.

Under the deal, Novatel Wireless may borrow funds under the revolver with interest payable monthly at a base rate determined by using the daily three-month London interbank offered rate (aka LIBOR), plus an applicable margin of 3 percent to 3.50 percent, depending on the company’s liquidity as determined on the last day of each calendar month.

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