Mattersight Enters Into $10 Million Facility With SVB
Mattersight Corporation, a provider of enterprise analytics, announced that on June 29, 2012, the company entered into a new two-year, $10 million credit agreement with Silicon Valley Bank.
The credit agreement provides for borrowings under a revolving credit facility maturing in 2014. The company immediately borrowed under the credit agreement approximately $3.7 million to pay off the remaining balance on the promissory notes previously issued by the company to various affiliates of Technology Crossover Ventures to settle previously disclosed arbitration.
“We are pleased with the confidence of our new lender in Mattersight’s financial stability and business strategy,” said Kelly D. Conway, president and CEO. “This new $10 million credit facility has improved terms compared to our previous facility and will provide the company the flexibility to pursue its growth strategy while reducing our costs moving forward.”
This new credit facility replaces and terminates Mattersight’s previous $5 million credit agreement with Bank of America, dated December 24, 2010, as amended. No fees were paid for terminating the previous credit agreement prior to its expiration date.