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Stratasys Ltd. (NASDAQ: SSYS) today announced the Company has entered into a credit agreement with Bank of America, N.A. for a five year revolving credit facility in an aggregate principal amount of up to $250 million. The Company has the right to request increases in the facility of up to an aggregate of $75 million, subject to the agreement of the lenders and certain other conditions.
The credit facility provides added capacity and flexibility for the company’s ongoing expansion and acquisition initiatives.
“We believe our new credit facility, combined with the successful equity offering we completed in September, provides the company with sufficient resources to fund expansion and growth initiatives. Our industry continues to develop at a rapid pace, and we believe we are now better positioned to capitalize on emerging opportunities, ” said Erez Simha, chief financial officer & chief operating officer (Israel) of Stratasys.
Bank of America, N.A. is the Administrative Agent and Swing Line Lender, and Citibank, N.A. and HSBC Bank USA, National Association, are Co-Syndication Agents and Silicon Valley Bank is Documentation Agent.
Stratasys is the corporate entity formed in 2012 by the merger of 3D printing companies Stratasys Inc. and Objet Ltd., based in Minneapolis, Minn. and Rehovot, Israel.
Stratasys manufactures 3D printers and materials for prototyping and production.