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Avid Technology Announces Closing of Debt Refinancing Resulting in Expected $10 Million Annual Interest Savings
Avid Technology Announces Closing of Debt Refinancing Resulting in Expected $10 Million Annual Interest Savings
New Facility Expected to Improve Free Cash Flow by Approximately $10 Million and Non-GAAP Net Income per Share by Approximately $0.22 in 2021
New JPMorgan-Led Credit Facility Consists of $180 Million Term Loan and $70 Million Unfunded Revolving Credit Facility
Refinancing Reduces Avid’s Funded Debt by Approximately $21 Million and the Effective Cash Interest Rate by 450bps from 7.75% to 3.25%
Terms of the New Facility Provide Avid Significant Incremental Flexibility to Support Its Strategy and Growth Plans
BURLINGTON, Mass., Jan. 05, 2021 Avid ....

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