Daily News: April 2, 2014

Bank of America Agents Parametric Sound ABL Facility

Parametric Sound announced it entered into a new, five-year $60 million asset-based revolving credit facility with Bank of America as agent, sole lead arranger and sole bookrunner, according to the company’s 8-K. The new credit facility replaces Parametric Sound’s previous credit facility and will provide improved and expanded funding for both U.S. and European operations.

“This new ABL facility provides more borrowing capacity, better terms and a lower interest rate than our prior facility,” said John Hanson, CFO of Parametric Sound. “We believe this new agreement reflects our strong financial fundamentals and the confidence our lender has in our company.”

Parametric Sound is an audio technology company that markets innovative products under the Turtle Beach and HyperSound brands.