CareCloud pays off $10M credit line with SVB, reduces facility to $10M, saves ~$140k annually

CareCloud, Inc.

CareCloud fully paid down its $10M outstanding credit facility with SVB, achieving a key 2024 goal ahead of schedule.
Entered Ninth Loan Modification Agreement reducing revolving credit line from $25M to $10M, reflecting lower borrowing needs.
Annual anniversary and unused line fees reduced, resulting in approximately $140,000 in annual savings.
The $10M credit line remains available but unused; company's obligations are secured by substantially all assets.
Interim CFO Norm Roth highlighted the debt paydown as part of a larger plan to accelerate free cash flow.

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