Tennenbaum Capital Partners has agreed initially to lend to Vitesse up to $24 million in the form of a four year, secured note at a LIBOR-based interest rate, and, if requested by Vitesse and subject to the satisfaction of certain conditions, up to an additional $30 million. The net proceeds will be used to fund new product development, repay certain loan amounts and for general corporate purposes.
Vitesse also announced that its Storage Products Division recently achieved its highest volume quarter in 2006. The company also noted that several new product introductions are on track.
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