Backblaze enters $20M senior secured revolving credit facility with Citizens Bank

Backblaze, Inc.

Facility matures June 2027 with optional 12-month extension; SOFR+3.25% or ABR+2.25% interest.
Up to $3M available for letters of credit; commitment fee of 0.35% on unused portion.
Proceeds for working capital and general corporate purposes; secured by substantially all assets.
Financial covenants include minimum liquidity, minimum consolidated EBITDA, and max leverage.
Customary negative covenants limit additional debt, liens, investments, and mergers.

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