Pays off Remaining $25 Million Term Loan
Aterian, Inc. announced that it has signed an asset backed credit facility with MidCap Financial Trust, which is managed by a subsidiary of Apollo Global Management, Inc. The credit facility has a three year term and gives Aterian access to up to $50 million in total credit, consisting of $40 million in commitments with an accordion facility of an additional $10 million. On the closing, Aterian has repaid in cash and satisfied all outstanding obligations under its existing $25.0 million term loan with High Trail.
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Aterian’s Chief Executive Officer, Yaniv Sarig, commented, “This credit facility is a testament to MidCap’s understanding of our business, strong expertise in E-Commerce and their commitment to support growth oriented companies. We are also pleased to announce that we have repaid our remaining loan to High Trail with cash proceeds from the MidCap facility. In the past five months, our team has worked tirelessly to turn around a challenging disruption to our business caused by the impact of the supply chain crisis on our costs of shipping. We are entering 2022 with a stronger balance sheet, preferred shipping rates from our logistics partners and exciting new initiatives to resume organic and M&A driven growth.”
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MidCap’s Product Head of Asset Based Lending, Garrett Fletcher, commented “We have a great deal of familiarity with Aterian stemming from financing the company at an earlier stage in its development. We have confidence in the management team and are delighted that they chose to partner with us again as we look forward to continuing to support the company’s growth and development.”
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