Veritone Reduces Debt By ~$77.5M

Veritone, Inc. (NASDAQ:VERI), a leader in enterprise AI and data solutions, today announced that is has closed a transaction with certain of its lenders to pay down (i) all outstanding principal amounts due under its senior secured credit facility of $31.8 million, plus interest and prepayment premium, and (ii) approximately 50% of its outstanding convertible notes totalling $45.7 million. The overall debt reduction from this transaction totals approximately $77.5 million.

The agreement significantly reduces Veritone's annualized debt carrying costs, saving approximately $13.0 million annually. The transaction also frees up approximately $15.0 million of previously restricted cash and terminates senior secured debt covenants and releases liens in full.