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RMG Networks Secures $7.5MM Facility From Silicon Valley Bank

November 05, 2015, 07:14 AM
Filed Under: Technology

RMG Networks Holding Corporation, or RMG Networks, a leading provider of technology-driven visual communications solutions, announced it has entered into a new $7.5 million revolving credit facility with Silicon Valley Bank. The credit facility has a scheduled maturity date of October 13, 2017.

The credit facility was undrawn at the time of closing, and the company intends to use the new credit facility as needed to finance future growth and meet working capital needs. Availability under the credit facility is tied to a borrowing base formula. Borrowings under the credit facility will bear interest at a floating rate equal to the prime rate plus 1.25% or 2.25% per annum, depending on whether certain conditions are satisfied.

"Securing this low interest, non-dilutive financing strengthens our financial flexibility and provides us access to additional working capital as we continue to execute on organic growth initiatives," said Robert Michelson, Chief Executive Officer and President of RMG Networks. "We believe our ability to obtain this type of bank financing demonstrates the progress we are making in stabilizing our financial position and returning RMG Networks to recurring EBITDA generation."

RMG Networks is a worldwide leader in intelligent visual communications that help businesses increase productivity, efficiency and engagement through digital messaging. By combining best-in-class software, hardware, business applications and services, RMG Networks offers a single point of accountability for integrated data visualization and real-time performance management. The company, who values 70% of the Fortune 100 as clients, is headquartered in Dallas, Texas, with additional offices in the United States, United Kingdom, Singapore and the United Arab Emirates.

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