LeapFrog draws down on $75 million asset-based revolving facility

By Tali Rackner

Norfolk, Va., Nov. 24 – LeapFrog Enterprises, Inc. drew down $10 million on its $75 million asset-based revolving credit facility on Nov. 18, according to an 8-K filing with the Securities and Exchange Commission.

Interest on the drawdown is 1.97% and may be adjusted monthly.

Proceeds will be used to fund working capital needs.

LeapFrog previously drew down $10 million on Oct. 18. It currently has $20 million outstanding under the loan agreement.

Over the next two months, the company said it may make more drawdowns up to an additional $20 million.

Bank of America, NA is the agent.

LeapFrog is an Emeryville, Calif.-based provider of technology-based educational platforms.

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