Monday, October 6, 2008

Mindspeed Sells Patents, Gets $15M Line Of Credit

Newport Beach-based Mindspeed Technologies, a supplier of semiconductors to the networking industry, said today that it has sold a number of its patents for $2M, and also scored a $15M line of credit from Silicon valley Bank. According to Mindspeed, it gained $2M from the sale of "non-core" patents. The patent deal also includes future revenue from licensing royalties. The buyer of those patents was not disclosed. Separately, Mindspeed said it has signed a $15M line of credit with Silicon Valley Bank, which the firm said "significantly improves" the company's liquidity position. Terms or details of the line of credit were not announced.