FatPipe, Inc. develops application-aware, secure software-defined wide area network, secure access service edge, and network monitoring service (NMS) software solutions in the United States, India, and internationally. The company offers SD-WAN, a network architecture solution that allows enterprises to utilize software and virtualization technologies to enhance the performance, security, and manageability of their WANs that connect offices, data centers, cloud applications, and cloud storage; SASE that provides virtual network functions, which combine networking and network security services into a single cloud-delivered solution; and NMS, a EnterpriseView reporting system for network monitoring that provides a platform to monitor an end-user’s WAN and the performance of FatPipe devices under management. It also provides technical support services, professional, technology development, and training services. In addition, the company offers its solutions to enterprises, communication service providers, security service providers, government organizations, and other middle-market companies. The company sells its software solutions through a subscription-based model through a network of distributors, value-added resellers, internet service providers, and other third parties. FatPipe, Inc. was incorporated in 2010 and is headquartered in Salt Lake City, Utah.
FatPipe (NASDAQ: FATN) Refinances Existing Debt and Reduces Borrowing Costs
FatPipe refinanced its existing Fortis Bank SBA loan with a $4.5 million secured term loan from KeyBank and added a $1.5 million revolving line of credit for working capital.
The new facility bears interest at adjusted daily SOFR plus 3.00%, replacing Prime plus 1.00% — roughly a 110 basis point reduction in annual borrowing costs at current benchmark rates.
The term loan matures in October 2029 and the revolver in September 2027, extending the company's debt runway and modestly improving its cost of capital.