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Iridex completes new loan facility with Wells Fargo Bank

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MOUNTAIN VIEW, Calif. — Iridex has completed an $8 million loan facility with Wells Fargo Bank, which replaces its previous loan facilities with Mid-Peninsula Bank, the company announced in a press release.

Under the previous loan facility, the company was out of compliance with the loan covenants and had limited access to additional funds. "The new loan facility with Wells Fargo Bank puts us back in compliance and provides us with the ability to obtain additional funds. This is a significant step towards returning the company to financial stability," Jim Mackaness, chief financial officer of Iridex, said in the release.

The new loan facility is an asset-based revolving line of credit for up to $8 million, of which up to $5 million will be guaranteed by Ex-Im Bank. Interest on the loan is equal to the prime rate plus 0.75%, according to the release.