Turtle Beach announced the successful completion of a new $15 million term loan and amendments to its existing subordinated notes, $13.8 million of which will remain outstanding, which taken together with its existing $60 million revolving credit facility are anticipated to fund the company’s growth for the next several years.
The following highlights were excerpted from the news release:
- Secured new $15 million term loan with Crystal Financial that matures
in 2019 and bears interest at LIBOR plus 10.25% - Amended terms of $13.8 million of existing subordinated debt held by
affiliates of Stripes Group LLC to extend maturities and lower long-
term interest rates in exchange for warrants representing 4% of
outstanding shares with a strike price 20% above the closing price on
July 21, 2015 - Total debt of $28.8 million outlined above is in addition to the
company’s existing $60 million global credit facility with Bank of
America Merrill Lynch
San Diago, CA-based Turtle Beach designs and markets premium audio peripherals for video game, personal computer, and mobile platforms, including its acclaimed line of Ear Force gaming headphones and headsets crafted for Xbox 360 and PS3 game consoles and PC games.