Avid Technology borrows $22 million under revolving credit facility

By Wendy Van Sickle

Columbus, Ohio, May 2 – Avid Technology, Inc. drew down $22 million on its revolving credit facility in the first quarter of 2020, according to a news release.

The company borrowed the funds out of an abundance of caution given the volatility in the markets, it said.

At March 31, the company had cash and cash equivalents of $81 million.

“Avid believes it continues to operate with sufficient near-term liquidity and maintains ample cushion on its financial covenants,” the release states.

Avid is a technology and multimedia company based in Burlington, Mass.

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