Avid Technology borrows $100 million delayed-draw term loan

By Wendy Van Sickle

Columbus, Ohio, May 2 – Avid Technology, Inc. drew down its $100 million delayed-draw term loan and will use proceeds, along with cash on hand, to fund its cash tender offer for any and all of its $102,853,000 outstanding 2% senior convertible notes due 2020, according to a news release.

The credit facility will mature on May 10, 2023, according to a previous news release.

As reported on April 11, the company amended its existing credit facility to include the new delayed-draw term loan and reduce interest to Libor plus 625 basis points from Libor plus 667 bps.

Avid is a technology and multimedia company based in Burlington, Mass.

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