Algorhythm announces supply chain finance facility

Algorhythm (RIME) Holdings’ SMCB Solutions Private, has secured a supply chain finance receivables facility with Bank of America. The facility provides SemiCab India with access to low-cost, non-dilutive working capital by enabling accelerated payment on all eligible accounts receivable for services provided to its three largest global customers, which are some of the largest multinational fast moving consumer goods industrial and automotive companies in India. The Bank of America facility allows accelerated payment on eligible accounts receivable, without limit, at a rate of 1% above the Indian one-year Treasury Bill rate, currently equivalent to approximately 5.6%. The arrangement is entirely non-dilutive and carries no equity or equity-linked provisions.