Backblaze, Inc. announced on June 5, 2025, the successful closing of a senior secured revolving credit facility in an aggregate principal amount of up to $20.0 million with Citizens Bank, N.A. This facility includes up to $3.0 million available through a letter of credit sub-facility.
The new Credit Facility provides borrowing capacity at an interest rate based on an adjusted Secured Overnight Financing Rate (SOFR) plus an applicable margin of 3.25%, or an alternate base rate plus an applicable margin of 2.25%. The loan term is initially set for two years, with a one-year extension option.
This move further strengthens Backblaze's financial flexibility, building on the $37.5 million oversubscribed equity offering in November 2024. The company reported a strong liquidity profile with over $50 million in cash and marketable securities as of March 31, 2025, positioning it well for strategic execution and growth.
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