Singing Machine closes $2M senior credit facility with Oxford Commercial Finance

Algorhythm Holdings, Inc.

Revolving line of credit of $2 million; interest at Prime + 2.5% with a 10% floor.
2-year term; secured by all company assets; no financial covenants.
Facility expands receivables financing beyond existing C2FO early-pay program.
Minimum average loan balance of $570,000 per month; early exit fee of 2% of loan cap.
CEO Gary Atkinson says cost is well within prevailing market rates.

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

Algorhythm Holdings, Inc. entered into Loan Agreement with Oxford Commercial Finance valued at $2 million (effective 2024-03-28).

Action: entry
Agreement: credit facility
Counterparty: Oxford Commercial Finance
Value: $2 million
Effective: 2024-03-28

Exact text from the filing

On March 28, 2024 (the “Closing Date”), The Singing Machine Company, Inc. (the “Company”) and Oxford Commercial Finance, a Michigan banking corporation, (referred to as “Oxford”) entered into a Loan Agreement (the “Loan Agreement”) and related Revolving Credit Note (the “Note”) for a $2 million revolving line of credit (the “Line of Credit”).

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Algorhythm Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-24-013045

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