DragonWave, an Ottawa-based supplier of wireless broadband components, has increased its line of credit.
The company has increased its revolving credit facilities with Comerica Bank and Export Development Canada to US$40 million from US$20 million, it announced on Tuesday.
The maturity date of the asset-backed credit facility has been extended by two years, from May 31, 2014 to June 1, 2016.
OBJ360 (Sponsored)
The Ottawa Senators have worked with businesses across the city for years, providing top-quality team building experiences for companies of all sizes.
The Ottawa Hospital’s future neuroscience institute ‘a game changer’ for ground-breaking treatment
The new neuroscience institute will provide a hub for brain-related researchers and clinicians – one of the strongest of its kind in the world.
DragonWave currently has US$15 million drawn on the facility.
The packet microwave radio system supplier has struggled to achieve profitability. In October CEO Peter Allen said he didn’t expect to reach profitability from operations until the middle of next year.
DragonWave (TSX: DWI) releases its next quarterly results on Jan. 13.
