Wells Fargo increases Tower Semiconductor credit line

Wells Fargo Capital Finance will provide Tower with a $70 million credit line through December 2018.

Specialty foundry Tower Semiconductor Ltd. (Nasdaq: TSEM; TASE: TSEM) has signed an extension of its agreement with Wells Fargo Capital Finance to provide the company with a $70 million credit line through December 2018 at a reduced interest rate. Outstanding borrowings under the previous $45 million Wells Fargo credit line, available until September 2014, were $19 million.

Tower CEO Russell Ellwanger said, "I am extremely pleased that Wells Fargo Capital Finance, one of the largest asset-based lenders in the US, has chosen to extend our credit line from $45 million to $70 million."

Wells Fargo Capital Finance senior VP Stacy Gottlieb said, “We are pleased to successfully complete this important financing for TowerJazz and to have the opportunity to work with a strong and knowledgeable management team."

Published by Globes [online], Israel business news - www.globes-online.com - on December 18, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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