CAMARILLO, Calif., March 30, 2011 (GLOBE NEWSWIRE) -- Power-One, Inc. (Nasdaq:PWER), a leading provider of renewable energy and energy-efficient power conversion solutions, has closed a 3-year, $150 million revolver for general corporate purposes, including expansion of design, production, service and sales of its renewable energy inverters in the North American and Asian markets.
The transaction was oversubscribed and the new facility was arranged by Bank of America Merrill Lynch as lead and book manager. Other participant banks include Bank of the West, Comerica Bank, HSBC Bank USA National Association, Silicon Valley Bank and Union Bank.
"Access to this capital facility provides Power-One with additional flexibility to execute our strategies, including our focus on high growth markets in the United States, China, and India," said Gary R. Larsen, Power-One's Chief Financial Officer. "Further, as our customers are increasingly looking for partners with solid balance sheets, Power-One has the financial capabilities to service their long-term product needs and projects."
"This type of facility is possible because of Power-One's successful track record, cash flow and expertise," said Jon Krahulik, Managing Director and Global Head of Clean Technology at Bank of America Merrill Lynch. "Additionally, it highlights the rapid evolution of the cleantech industry and the opportunities available in both the solar and wind sectors."
"With renewable energy being an important and growing component of the California economy, the support of Bank of America Merrill Lynch for Power-One demonstrates its commitment to both the renewable energy industry and the region," said Tony Sciarrino, Market Executive, Global Commercial Banking-California Coastal, Bank of America Merrill Lynch.
To learn more about Power-One and its products, please visit .
Power-One is the world's second largest designer and manufacturer of photovoltaic inverters. Its renewable energy products enable the industry's highest yielding conversion of power from both solar arrays and wind farms for use by utilities and homes. Power-One has a 40 year history as the leader in high efficiency and high density power supply products for a variety of industries including renewable energy, data storage and networking, industrial and network power systems. The company is headquartered in Camarillo, CA and has global sales offices, manufacturing, and R&D operations in Asia, Europe, and the Americas. Power-One is traded on NASDAQ under the ticker symbol PWER. For more information, please visit .
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CONTACT: For Investors: Power-One, Inc. Kevin Trosian, 805-987-8741 Vice President, Finance & Investor Relations For Press: Edelman for Power-One Jon Murchinson Jon.Murchinson@edelman.com Phone: 415-486-3274