Backblaze Further Strengthens Financial Position With New Credit Facility
Backblaze, Inc. (NASDAQ:BLZE), the cloud storage innovator providing a modern alternative to traditional cloud providers, today announced the successful closing of a senior secured revolving credit facility in an aggregate principal amount of up to $20.0 million (the "Credit Facility"), of which an aggregate amount of up to $3.0 million will be available through a letter of credit sub facility, with Citizens Bank, N.A. ("Citizens"). Backblaze enters into the agreement with a strong liquidity profile, including more than $50 million in cash and marketable securities as of March 31, 2025.
"Coupled with our recent $37.5 million oversubscribed equity offering in November 2024, this new credit facility with Citizens further strengthens our financial flexibility and provides us with improved liquidity at a more competitive cost of capital. It positions us well to execute on our strategic priorities and support the company's long-term growth. We are excited to partner with Citizens as our new banking partner," said Marc Suidan, CFO of Backblaze.
The new Credit Facility provides for borrowing capacity at an interest rate based upon the Company's choice of an adjusted Secured Overnight Financing Rate (SOFR) plus an applicable margin of 3.25%, or an alternate base rate plus an applicable margin of 2.25%. The term of the loan is initially set at 2 years, with a one year extension. The Credit Facility includes customary representations, warranties, and covenants, including financial covenants, and customary closing and administrative fees.
About Backblaze
Backblaze is the cloud storage innovator providing a modern alternative to traditional cloud providers. We deliver high-performance, secure cloud object storage that customers use to develop applications, manage media, secure backups, build AI workflows, protect from ransomware, and more. Backblaze helps businesses break free from the walled gardens that traditional providers lock customers into, enabling them to use their data in open cloud workflows with the providers they prefer at a fraction of the cost. Headquartered in San Mateo, CA, Backblaze (NASDAQ:BLZE) was founded in 2007 and serves over 500,000 customers in 175 countries around the world. For more information, please go to www.backblaze.com.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation's oldest and largest financial institutions, with $220.1 billion in assets as of March 31, 2025. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a full-service customer contact center and the convenience of approximately 3,100 ATMs and approximately 1,000 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on X, LinkedIn or Facebook.
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