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Credit Agreement
6 Months Ended
Dec. 31, 2011
Credit Agreement [Abstract]  
CREDIT AGREEMENT
NOTE 7. CREDIT AGREEMENT
On July 26, 2011, Oclaro Technology Ltd., as “Borrower,” and Oclaro, Inc., as “Parent,” entered into an amendment and restatement to our existing senior secured credit facility (the Credit Agreement) with Wells Fargo Capital Finance, Inc. and other lenders, increasing the facility size from $25 million to $45 million and extending the term thereof to August 1, 2014. This Credit Agreement is more fully discussed in Note 6, Credit Agreement, and Note 16, Subsequent Event, to our consolidated financial statements included in our 2011 Form 10-K.
At December 31, 2011, there was $19.5 million outstanding under the Credit Agreement with an average interest rate of 3.37 percent and we were in compliance with all covenants under the Credit Agreement. As of July 2, 2011, there were no amounts outstanding under the Credit Agreement. At December 31, 2011 and July 2, 2011, there were $0.1 million and $1.1 million, respectively, in outstanding standby letters of credit secured under the Credit Agreement. These letters of credit expire at various intervals through April 2014.