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Silicon Valley Bank Provides $3MM Facility to ID Watchdog

October 03, 2016, 07:42 AM
Filed Under: Technology

ID Watchdog, Inc., provider of consumer-facing identity theft protection and resolution services, announced today that it has entered in to a new $3.0 million credit facility with Silicon Valley Bank (the "Facility").  The Facility will consist of up to a $2.5 million revolving credit facility (the "Revolving Facility") and a $500,000 term loan (the "Term Loan").  The company intends to use proceeds from the Facility to repay the remaining promissory notes due November 22, 2017, which bear interest at 15% per annum, and for general corporate purposes.

The Revolving Facility and Term Loan mature on September 30, 2018 and September 30, 2019, respectively, bear interest at the prime rate plus 3.00%, currently 6.5%, and are secured by all the assets of the company.

"The Facility will allow us to significantly reduce our interest expense and, coupled with the recurring cash generated by our business, will provide us with enhanced financial flexibility to pursue our strategic initiatives," said Jay B. Lewis, CFO, ID Watchdog.

For more than 30 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators.

ID Watchdog was founded in 2005 and is headquartered in Denver, Colorado. The Company provides comprehensive monitoring, detection and resolution for identity theft. ID Watchdog proactively detects identity theft problems at their source and provides immediate resolution services to ensure complete peace of mind for individuals. All the Company's services have been developed with input from industry experts; national consumer advocacy groups; federal, state, and local law enforcement agencies; consumer protection agencies; and adhere to guidelines published by the Consumer Federation of America.

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