Chicken Soup for the Soul Entertainment, a media company building online video-on-demand networks that provide positive and entertaining video content, closed on a commercial credit proposal from Patriot Bank for $7.5 million. The financing consisted of a five-year, $5 million term loan and a three-year, $2.5 million revolving credit facility.
“This term loan and credit facility provides CSS Entertainment with up to $7.5 million in increased borrowing capacity for acquisitions and general corporate purposes, giving us increased flexibility to execute on our business plan,” said Scott W. Seaton, vice chairman and chief strategy officer of CSS Entertainment.
$1.7 million of the proceeds will be used to repay the company’s existing credit line, which will be replaced by this new credit facility.
