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Celtic Bank Providess $4MM Line of Credit to Boardwalktech Software

April 01, 2024, 08:23 AM
Filed Under: Technology

Boardwalktech Software Corp, a leading digital ledger platform and enterprise software solutions company, announced that as of March 28, 2024, the Company has secured a three-year $US4.0 million Line-of-Credit ("LOC") facility with Celtic Bank, for growth needs including expansion of its recurring revenue. The Company expects to use the proceeds of this LOC for sales and marketing expenditures, working capital requirements, and to enhance its balance sheet to drive new business.

Key terms of the LOC facility include:

  • $US4.0 million total facility, up to 60% of trailing 12-month ARR (annual recurring revenue)
  • Interest-only period through the initial three-year term. The LOC may be extended by both parties
  • 12.5% initial interest rate, based on Prime (Wall Street Journal) plus 4%
  • Non-dilutive: No warrants, conversions, or Loan Bonuses included

"After entertaining several offers, during a challenging financing environment, we are very pleased to partner with Celtic Bank to provide us the funds and flexibility to address working capital needs for growth. While the Company continues to progress towards cash-based breakeven, this LOC facility provides Boardwalktech with the flexibility to achieve its growth potential, without relying upon market conditions nor equity sources," said Andrew T. Duncan, CEO of Boardwalktech. "Customer demand for our Unity Central, Velocity, and Digital Ledger products necessitate both available Sales and Marketing resources to monetize those recurring revenue opportunities, while putting sufficient cash on our balance sheet to ease due diligence needs during such engagements. As such, we look forward to announcements reflecting that progress."







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