FatPipe refinances debt with $4.5 million KeyBank term loan
FATN•FatPipe refinanced its Fortis Bank SBA loan with a $4.5 million secured KeyBank term loan, reducing annual borrowing costs by about 110 basis points at benchmark rates at refinancing, and added a $1.5 million revolving credit facility.
1. Loan terms
The term loan is priced at adjusted daily SOFR plus 3.00% and matures in October 2029; the prior loan was priced at the Prime Rate plus 1.00%. FatPipe also added a secured $1.5 million revolving credit facility for working capital, priced at adjusted daily SOFR plus 3.00% and maturing in September 2027.
