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FatPipe Secures $4.5M Term Loan and $1.5M Revolver With KeyBank, Retires SBA Loan
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FatPipe arranged new financing with KeyBank, including a $4.5 million secured term loan and a $1.5 million secured revolving credit facility. The company used approximately $4.47 million of the term loan to repay and terminate its prior Small Business Administration loan with Fortis Bank, which carried interest at Prime + 1.00%. The new facilities bear interest at the Adjusted Daily SOFR Index plus 3.00% and are expected to reduce FatPipe's annual borrowing rate by…