Avid Technology amended its credit facility, increasing the term loan from $105 million to $127.5 million and the revolver from $10 million to $22.5 million. Cerberus Business Finance served as administrative agent on the transaction.
According to a related 8-K filing, the amendment also extends the maturity of the term loan to May 20, 2012. The company drew down the incremental borrowings of $22.5 million under the term loan facility on the closing day.
Interest will accrue on outstanding borrowings at a rate of either LIBOR + 6.625% or a reference rate plus 5.625%, at the option of the company.
Avid Technology is a provider of an open and integrated technology platform, along with applications and services that enable the creation, distribution and monetization of audio and video content.