- NeoPhotonics (NYSE:NPTN) discloses it has upped the size of its revolving credit line by $5M to $30M, and used it to pay off a $16M promissory note held by Emcore (EMKR -0.3%).
- The note was given to Emcore (along with $1.5M in cash) last fall as payment for the purchase of Emcore's tunable laser/transceiver unit. It carried a 5% interest rate for year 1 and a 13% rate for year 2; by contrast, the credit facility currently features only a 3% rate.
- NeoPhotonics had $64.3M in cash/investments at the end of 2014, and $58.9M in debt (including the Emcore note). Shares have been on a tear over the last month.