QuickLogic increases credit facility from $15M to $20M, extends maturity date

QuickLogic announced that, effective December 8 it entered into a seventh amendment to its amended and restated credit facility, dated as of December 21, 2018 to increase the line of credit and extend the maturity date. The Seventh Amendment increases the credit facility from $15M to $20M and extends the maturity date from December 31 to December 31, 2025.Mike Hansen, Senior Vice President of Heritage Bank, commented, “We are pleased to be able to increase our commitment to QuickLogic and have greatly appreciated our long-term partnership with the Company.” “We are pleased to have the continued support of Heritage Bank,” said Chief Financial Officer, Elias Nader. “Increasing our credit facility provides us with enhanced operational flexibility for our business needs while recognizing our solid financial results and improving business outlook.” Additional details on the terms of the amendment are available in the 8-K filed with the Securities and Exchange Commission on December 12.