STEC Gets Credit Facility

Santa Ana-based STEC, a developer of Flash memory and DRAM memory products, said Monday that the firm has accepted a $35M, senior unsecured revolving credit facility from Wachovia Bank. According to STEC, it will use the new credit facility to support accelerated growth in the firm's future quarters. The credit facility will go towards working capital. STEC said the credit facility has a term of two years, at a floating rate equal to LIBOR plus 0.70 percent to 1.20 percent, depending on its leverage ratio.