Power-One recently closed a US$150 million revolver, which among other corporate purposes, will go towards the expansion of design, production, service and sales of its inverters in the North American and Asian markets. Bank of America oversubscribed and arranged the new facility while Merrill Lynch acted as the lead and book manager. Bank of the West, Comerica Bank, HSBC Bank USA, Silicon Valley bank and Union Bank were also participants in the funding deal.
“Access to this capital facility provides Power-One with additional flexibility to execute our strategies, including our focus on high growth markets in the United States, China, and India,” said Gary Larsen, Power-One's CFO. “Further, as our customers are increasingly looking for partners with solid balance sheets, Power-One has the financial capabilities to service their long-term product needs and projects.”