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U.S. Bank Provides $3MM Line of Credit to Sonic Foundry

August 04, 2021, 07:30 AM
Filed Under: Specialty Industries
Related: U.S. Bank

Sonic Foundry obtained a new $3 million secured revolving credit facility from U.S. Bank.  

The new agreement maintains a maximum availability of $3 million or the applicable borrowing base and bears interest at an annual rate equal to the one-month LIBOR plus 1.35% through July 28, 2022.  

“We are very pleased to announce the closing of our new revolving credit facility with U.S. Bank,” said Joe Mozden Jr., CEO, Sonic Foundry. “This new line of credit supports our vision and prospects for creating substantial growth by investing in new markets and enhancing our cloud and event offerings. Most importantly, it represents an important validation of our strategy. We are excited to work with them in the continued growth of Sonic Foundry.” 

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