Telit confirms $110m new committed banking facilities

Telit Communications has entered into committed credit facilities with HSBC Bank, plus certain of its affiliates, and Bank Hapoalim B.M. for a total amount of $110m.

The New Facilities replace the Group's existing non-committed credit lines, which amounted to about $70m.

The New Facilities consist of a committed five year term credit facility for $40 million and a committed three year term revolving credit facility for $35 million, in total $75 million with HSBC, and a committed three year term revolving credit facility with BHI USA for $35 million.

The Group already benefits from preferred Italian government guaranteed loans of up to approximately $55 million, of which approximately $30 million has already been drawn down.

Together with the New Facilities, the Group's total debt facilities amount to approximately $165 million (together the "Facilities"). The average annual interest rate of the Facilities, some $165 million, if and when fully drawn down, will be about 2.2%.

The New Facilities will provide the Group with additional financial resources as it continues to strengthen its position in the rapidly developing and growing IoT market.