This article was produced by Olswang LLP, which joined with CMS on 1 May 2017.
International technology, media and telecoms (TMT) law firm Olswang has advised Internet of Things (IoT) provider Telit Communications plc ("Telit") on securing a new committed credit arrangement for US$75m in partnership with HSBC plc. The arrangement with HSBC plc comprises a five-year-term facility for US$40m and a committed three year term revolving credit facility for US$35m.
Also partnering with Telit is Bank Hapoalim B.M, which will provide a committed three year term revolving credit facility for US$35m. In total, Telit will enter into committed credit facilitiesfor an aggregate amount of US$110m. These new facilities replace Telit's existing non-committed credit lines of approximately US$70m.
Michael Galai, Chief Legal Officer, Telit Communications commented: “Olswang has been Telit’s UK counsel for more than a decade and we have always found the firm’s lawyers and support staff to be consummate professionals. In this complex transaction, involving numerous jurisdictions, the Olswang team was instrumental in steering it to completion as well as being a pleasure to work with.”
Olswang Finance Partner Ruth Marken commented: "We're pleased to have advised Telit on this significant milestone. By partnering with two leading banks, HSBC and Bank Hapoalim, Telit will have the additional financial muscle needed to further support its growth and continued success in the burgeoning IoT market."
Olswang Partner and Co-Head of Technology Anthony Waller added: "We have had the pleasure of working with Telit for a number of years and are delighted to have had the opportunity to work together on this important step for the business – the new arrangement is a significant component in the group's strategic roadmap, and we look forward to seeing the team go on to further successes."
The Olswang team was led by Partner Ruth Marken and Senior Associate Gurminder Muker together with Finance Associate Mike Tanner, Trainee Rose Falconer and Paralegal Charlotte Choules.