Boxlight Corporation, a leading provider of interactive technologies, entered into a $68.5 million credit agreement with WhiteHawk Finance, LLC (“WhiteHawk”), providing funding to refinance existing debt, complete the acquisition of FrontRow Calypso LLC (“FrontRow”) and allow for general working capital.

The WhiteHawk credit agreement provided an initial draw of $58.5 million and a delayed draw facility of $10 million, subject to a borrowing base determined on accounts receivable, inventory and intellectual property. The facility is secured by all assets of the company and bears interest at the LIBOR rate plus 10.75%, subject to adjustment.

Upon closing the WhiteHawk loan facility, Boxlight retired $17.2 million in indebtedness owed to Sallyport Commercial Finance, LLC and Lind Global Asset Management LLC. Boxlight also completed the $33.7 million remaining cash payment required for the purchase of FrontRow.

Based in Petaluma, California, FrontRow makes technology that improves communication in learning environments, including developing network-based solutions for intercom, paging, bells, mass notification, classroom sound, lesson sharing, AV control and management.

“We had a busy year-end retiring the Lind and Sallyport debts, welcoming WhiteHawk as our new lending partner and completing the acquisition of FrontRow,” commented Michael Pope, Chairman and CEO at Boxlight. “The addition of FrontRow expands our product portfolio with robust audio and campus communication solutions. For fiscal year 2022, we expect the FrontRow business unit to contribute approximately $30 million in sales, $15 million in gross profit and $7 million in EBITDA, adding to our commitment of dramatic market growth while improving gross profit and EBITDA margins.”