Case Summary: Turtle Beach Corporation
Turtle Beach Corporation
$12.5 million Senior Term Loan
Founded in 1977, Turtle Beach (HEAR) is one of the leading designers of high end headsets for the gaming industry.
Crystal initially provided a term loan secured by the Company's intellectual property. The company wanted to raise incremental term debt to repay a portion of the subordinated debt.
Crystal provided an incremental term loan of $3.3MM to fund the repayment. Additional elements of flexibilty were added and pricing was reduced to reflect the Company's strong financial profile.