Brightpoint, Inc. (NASDAQ:CELL) announced today that its Australian subsidiaries, Brightpoint Australia Pty Limited and Advanced Portable Technologies Pty Limited, entered into a new revolver credit facility (the "Facility") with GE Commercial Finance.
The Facility, which matures in December 2005, provides borrowing availability, subject to borrowing base calculations and other limitations, of up to a maximum amount of AUD 50 million (currently, approximately USD 29 million). The Facility is a secured asset-based facility where a borrowing base is calculated periodically using eligible accounts receivable and inventory, subject to certain adjustments. Eligible accounts receivable and inventories fluctuate over time, which can increase or decrease borrowing availability. Borrowing availability as of the inception of the Facility was AUD 35 million (approximately USD 20 million).
