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Roxio seals £15m new credit line

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Mar 31, 2004

Napster-owner Roxio said today that it has signed a new two-year, $15m revolving line of credit with Silicon Valley Bank. The new line of credit replaces its previous credit facility with Comerica Bank and will provide working capital to support the company's growth initiatives. Nand Gangwani, CFO of Roxio, said: "We are pleased to further bolster our financial position as we continue to capitalise on the burgeoning market for online music in both the US and abroad." Earlier this month, the group confirmed that it would launch Napster in the UK before the end of the summer.

"www.roxio.com ":http://www.roxio.com

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