,  /PRNewswire/ -- Harmonic Inc. (NASDAQ: HLIT) today announced that it has entered into a new five-year,  committed credit agreement (the "Credit Facility") with a lending syndicate led and arranged by Citibank, N.A., co-led by JPMorgan Chase Bank, N.A. and Wells Fargo Securities, LLC, and includes HSBC and MUFG as additional lenders. The Credit Facility replaces the Company's existing  line of credit with JPMorgan Chase Bank, N.A.

The Credit Facility provides for a  secured revolving loan facility, a  secured delayed draw term loan facility, and an option, subject to certain conditions, to request  or more in additional loan commitments under an accordion feature in the Credit Facility.

"We are pleased to announce this new facility, which provides us increased liquidity and a stronger balance sheet, reinforcing our multi-year growth plan," said  , chief financial officer of Harmonic. "The Credit Facility also affords us greater financial flexibility, including the ability to redeem our 2024 Convertible Notes and continue buybacks under our existing share repurchase program. Additionally, this facility provides the versatility to support our previously announced ongoing strategic review of the Video business, aimed at generating long-term shareholder value."

About Harmonic Inc. 

Harmonic (NASDAQ: HLIT), the worldwide leader in virtualized broadband and video delivery solutions, enables media companies and service providers to deliver ultra-high-quality video streaming and broadcast services to consumers globally. The company revolutionized broadband networking via the industry's first virtualized broadband solution, enabling cable operators to more flexibly deploy gigabit internet service to consumers' homes and mobile devices. Whether simplifying OTT video delivery via innovative cloud and software platforms, or powering the delivery of gigabit internet cable services, Harmonic is changing the way media companies and service providers monetize live and on-demand content on every screen. More information is available at www.harmonicinc.com.

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