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Bank of America, Parametric Sound Close New $60MM ABL Credit Facility

April 02, 2014, 07:54 AM
Filed Under: Technology

Parametric Sound Corporation announced that it has entered into a new five year $60 million asset-based revolving credit facility (the "ABL Facility") with Bank of America. The new credit facility replaces Parametric Sound Corporation's previous credit facility and will provide improved and expanded funding for both U.S. and European operations.

"This new ABL Facility provides more borrowing capacity, better terms and a lower interest rate than our prior facility," said John Hanson, Chief Financial Officer of Parametric Sound Corporation. "We believe this new agreement reflects our strong financial fundamentals and the confidence our lender has in our company."

"The new credit facility will allow us to better finance our international operations, which is an important growth vehicle of our gaming headset business," said Juergen Stark, Chief Executive Officer of Parametric Sound Corporation. "Securing financing that is properly aligned with our business and our long-term growth strategy is an important milestone for our company and we are delighted to be working with Bank of America."

Parametric Sound Corporation is an audio technology company that markets innovative products under the Turtle Beach and HyperSound brands. The company designs and markets premium audio peripherals for video game consoles, personal computers and mobile devices under the brand Turtle Beach (, including officially-licensed headsets for the next-generation Xbox One and PlayStation 4 consoles. Turtle Beach is the leading brand in video game audio and the official audio provider for Major League Gaming, the world's largest eSports league, and Twitch, the world's leading video platform and community for gamers.

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