Zoom Telephonics gets $13 million loan from Silicon Valley Bank

Chicago, March 15 – Zoom Telephonics, Inc. has received a $13 million revolving credit line from Silicon Valley Bank dated March 12, according to an 8-K filed with the Securities and Exchange Commission.

Wholly owned subsidiary Minim Inc. is also listed as a borrower, and the revolver is secured by all of the assets of both companies.

Borrowings will bear interest based on a range between 3.75% and 4.25% with a minimum interest rate each month of $14,000.

The revolver matures in 24 months.

There is a 2% termination fee if the revolver is terminated for any reason before the first year anniversary date or a 1% termination fee after the first year.

The company also announced that it has terminated the financing agreement from Dec. 18, 2012 with Rosenthal & Rosenthal, Inc.

The Boston company designs, produces, markets, sells and supports broadband and dial-up modems, Wi-Fi and Bluetooth wireless products and other communication-related products.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.