Zhone Technologies, Inc. announced that on Sep. 30, the company entered into an amendment of its existing senior secured revolving credit facility with Wells Fargo Capital Finance to extend the maturity date of the facility from March 13, 2014 to March 31, 2016. In addition, the amendment amends the letters of credit sublimits in the facility and reduces the interest rate margin from 3.5 percent to 3.0 percent (with a provision for further decreases in the event that Zhone attains specified performance metrics). Under the facility, Zhone may borrow up to $25.0 million, with the amount Zhone is able to borrow based on eligible accounts receivable.

"The extension of our credit facility ensures our ability to develop leading technologies for our customers," stated Kirk Misaka, chief financial officer of Zhone Technologies. "Wells Fargo Capital Finance continues to be an excellent partner in developing a financing solution that supports our continued growth and enables us to meet the changing needs of our business."

"We are very pleased to continue our relationship with Zhone Technologies," said Gary Harrigian, senior vice president of Wells Fargo Capital Finance. "The amended credit facility will allow them the financial flexibility to make strategic business decisions. It's important to Wells Fargo Capital Finance to support our clients as they continue to grow."

Zhone Technologies, Inc. is a global leader in all IP multi-service access solutions, serving more than 750 of the world's most innovative network operators.