Ekinops lands new funding; U.S. unit gets PPP loan

May 21, 2020

The company says 90% of the bank loan will be guaranteed by the French Government under the PGE state-guaranteed loan scheme.

Stephen Hardy

France-based optical transport systems vendor EKINOPS (Euronext Paris - FR0011466069 – EKI) says it has drawn up a term sheet aimed at securing a new €12 million ($13.8 million) credit facility. Meanwhile, its U.S. subsidiary, Ekinops Corp., has landed a $596,000 loan through the Paycheck Protection Program (PPP).

The company says 90% of the bank loan will be guaranteed by the French Government under the PGE state-guaranteed loan scheme (ministerial orders of March 23 and April 17, 2020 awarding the state guarantee to credit institutions and finance companies, implementing Article 6 of Law no. 2020-289 of March 23, 2020). It will have a maturity of one year with an optional extension for up to five additional years (to May 2026) at the company's discretion.

The U.S. PPP loan is offered to small and medium sized businesses in the U.S. via the Small Business Administration (SBA) and state governors. It aims to help such businesses mitigate the effects of the coronavirus on their operations. The PPP loan is granted for a maximum two-year term with a six-month payment deferral. Ekinops Corp. is the first optical communications company to announce that it has received such a loan.

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About the Author

Stephen Hardy | Editorial Director and Associate Publisher, Lightwave

Stephen Hardy is editorial director and associate publisher of Lightwave and Broadband Technology Report, part of the Lighting & Technology Group at Endeavor Business Media. Stephen is responsible for establishing and executing editorial strategy across the both brands’ websites, email newsletters, events, and other information products. He has covered the fiber-optics space for more than 20 years, and communications and technology for more than 35 years. During his tenure, Lightwave has received awards from Folio: and the American Society of Business Press Editors (ASBPE) for editorial excellence. Prior to joining Lightwave in 1997, Stephen worked for Telecommunications magazine and the Journal of Electronic Defense.

Stephen has moderated panels at numerous events, including the Optica Executive Forum, ECOC, and SCTE Cable-Tec Expo. He also is program director for the Lightwave Innovation Reviews and the Diamond Technology Reviews.

He has written numerous articles in all aspects of optical communications and fiber-optic networks, including fiber to the home (FTTH), PON, optical components, DWDM, fiber cables, packet optical transport, optical transceivers, lasers, fiber optic testing, and more.

You can connect with Stephen on LinkedIn as well as Twitter.