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News Breaks | | | | November 1, 2012 | | 05:49 EDT |  | INVE, HTGC | Identive Group secures new growth capital
Identive Group (INVE) announced that it has entered into a $10M secured loan agreement with Hercules Technology Growth Capital (HTGC). On Oct. 30, Identive received an initial advance of $7.5 million, and has the opportunity to borrow an additional $12.5M for a total of $20M subject to terms and conditions set forth in the agreement. The initial drawdown of $7.5M is in the form of a three-year promissory note that bears interest at a rate of the greater of the prime rate plus 7.75% or 11.00%. The company's ability to borrow additional funds under the loan agreement is subject to its ongoing compliance with a number of customary financial and other covenants as described in the loan agreement. | |
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