Turtle Beach Corporation, a leading gaming accessories brand, completed a comprehensive refinancing of its credit facilities, strengthening the Company’s capital structure and enhancing financial flexibility.

Turtle Beach entered into a $150 million new senior secured credit facility with Bank of America, comprising a $90 million revolving credit facility and $60 million term loan. These facilities refinance and replace the Company’s previous debt arrangements and will be used for ongoing working capital and general corporate purposes.

Borrowings under the new facility will bear interest at a base rate or term Secured Overnight Financing Rate (SOFR), plus an applicable margin that varies based on the Company’s consolidated total net leverage ratio. The initial interest rate for borrowings under the revolving credit facility and term loan is SOFR plus 325 basis points, representing a reduction of approximately 450 basis points compared to the terms of the prior term loan. Both the revolving credit and term loan facility mature August 1, 2028.

"This refinancing marks a significant milestone in the execution of the Company’s strategy,” said Cris Keirn, Chief Executive Officer, Turtle Beach Corporation. “The new loans with improved pricing and extended tenure significantly reduce our cost of capital and provide the financial foundation to continue investing in our future growth and deliver on our commitment to shareholders.”