Boxlight, a provider of interactive technologies, entered into a $68.5 million credit agreement with WhiteHawk Capital Partners. The agreement provided Boxlight with funding to refinance existing debt, to complete its acquisition of FrontRow Calypso and for general working capital.
The credit agreement provided an initial draw of $58.5 million and a delayed draw facility of $10 million, subject to a borrowing base determined on accounts receivable, inventory and intellectual property. The facility is secured by all assets of Boxlight and bears interest at LIBOR plus 10.75%, subject to adjustment.
Upon closing the WhiteHawk loan facility, Boxlight retired $17.2 million in indebtedness owed to Sallyport Commercial Finance and Lind Global Asset Management. Boxlight also completed the $33.7 million remaining cash payment required for the purchase of FrontRow Calypso, a communication technology company.
“We had a busy year-end retiring the Lind and Sallyport debts, welcoming WhiteHawk as our new lending partner and completing the acquisition of FrontRow,” Michael Pope, chairman and CEO at Boxlight, said. “The addition of FrontRow expands our product portfolio with robust audio and campus communication solutions. For fiscal year 2022, we expect the FrontRow business unit to contribute approximately $30 million in sales, $15 million in gross profit and $7 million in EBITDA, adding to our commitment of dramatic market growth while improving gross profit and EBITDA margins.”
