CareCloud increases revolving credit facility to $25M, extends maturity to 2025

CareCloud, Inc.

Credit line increased from $20M to $25M with Silicon Valley Bank.
Maturity extended from October 2023 to October 2025.
Interest rate: prime plus 1.5% (floor 6.5%) plus 0.5% unused fee; anniversary fee $110,000.
Proceeds for growth and working capital; secured by substantially all assets.
CFO cites 34% revenue CAGR and 58% adjusted EBITDA growth since 2017 without dilution.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

CareCloud, Inc. amended Seventh Loan Modification Agreement with Silicon Valley Bank valued at increased its $20,000,000 revolving line of credit from SVB to $25,000,000 (effective 2023-02-17).

Action: amendment
Agreement: credit facility
Counterparty: Silicon Valley Bank
Value: increased its $20,000,000 revolving line of credit from SVB to $25,000,000
Effective: 2023-02-17

Exact text from the filing

entered into a Seventh Loan Modification Agreement (the “Agreement”) with Silicon Valley Bank (“SVB”) whereby the Company increased its $20,000,000 revolving line of credit from SVB to $25,000,000 (“Amendment”) and extended the maturity date from October 13, 2023 to October 13, 2025.

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CareCloud, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-005588

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