Microsemi’s Credit Line Changing: Microsemi Corp., a...
From Times Staff and Wire Reports
Microsemi’s Credit Line Changing: Microsemi Corp., a Santa Ana semiconductor manufacturer, said its banker has asked it to find a replacement lender for a $10-million line of credit. Chairman Phillip Frey said the company’s financial condition has improved in the past nine months, but its lender, Security Pacific Bank, has changed its credit policies because of stricter federal lending regulations. Security Pacific has told Microsemi that it will not extend its credit agreement, which expired in February but was continued to allow Microsemi time to find another lender. Microsemi has about $46 million in long-term debt.
