Remec Inc. and Pequot Private Equity Fund L.P. have completed a $14.6-million investment in STM Wireless Inc.'s Direc-to-Phone International Inc. unit, reducing STM's stake from about 75% to 44%.
STM said Remec made a $5-million cash investment in Direc-to-Phone and purchased existing Direc-to-Phone shares from STM for an additional $4.6 million. Pequot made a $2.5 million investment and purchased Direc-to-Phone shares from STM for an additional $2.5 million.
STM reduced its debt to Wells Fargo HSBC Trade Bank by about $2.2 million and agreed to extend the loan balance through Aug. 31, by which time the company expects a replacement line of credit to be available.
Irvine-based STM is a telecommunications company.