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Sopheon has concluded new debt facilities with Silicon Valley Bank, a technology-focused banking organisation. The new facilities introduce $3.5 million of working capital capacity into the Group.
The new facilities provided by SVB comprised a term loan of $0.5m, and a $3m revolving line of credit secured on US and UK receivables.
These facilities were secured through debentures in the UK and UCC filings in the USA.
Interest rates were subject to certain working capital ratios and are substantially lower than those of the facilities they replaced, reflecting the growing maturity of the Sopheon business.