Backblaze Secures Credit Line to Strengthen Financial Position

Backblaze, Inc. (NASDAQ:BLZE), a specialist in cloud storage solutions, has disclosed the $20 million senior secured revolving credit facility with Citizens Bank. With a market capitalization of $318.244 million and an impressive 22% revenue growth in the past year, the company’s move is directed towards improving liquidity and strengthening growth initiatives.

Completed as of March 31, 2025, the launched credit line enhances the company’s financial flexibility, which matches the giant’s liquidity position, standing at over $50 million in cash and marketable securities. The credit facility offers borrowing capacity at an interest rate that is either associated with the adjusted Secured Overnight Financing Rate (SOFR) and an additional 3.25% margin, or an alternate base rate with a 2.25% margin. While the initial term of the loan is two years, a one-year extension option is also on the table.

Is Backblaze Inc. (BLZE) the Best Data Storage Stock to Invest in According to Analysts?

A data center operator working on a rack of servers, emphasizing the company’s cloud services.

Management has expressed great optimism about this collaboration with the bank, highlighting that the terms support the company’s financial footing while keeping costs relatively low. The deal includes typical terms like financial covenants, standard clauses, and usual fees.

Backblaze, Inc. (NASDAQ:BLZE), headquartered in California and founded in 2007, is a storage cloud platform. The core offerings of the company include cloud services, Backblaze B2 Cloud Storage, and Internet of Things. From individuals to organizations, the cloud powerhouse serves a wide clientele.

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