I/OMagic Prepares for Loan From IBM Credit

I/OMagic Corp., an Irvine maker of peripheral personal computer products, said Wednesday it has signed a tentative agreement that would give it $15 million in financing from IBM Credit Corp.

The I/OMagic chief executive, Tony Shahbaz, said in a press release that while the company has no long-term debt, the loan is needed to position it for more competition.

Among the company’s products are CD-ROM drives, DVD drives, high-speed data, fax and voice modems, sound cards, video graphics accelerators, portable scanners, video conferencing cameras, digital cameras and universal serial bus products.