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Avid's Board Elects Peter Westley As Chairman - Quick Facts

Avid (AVID) announced that Peter Westley has been elected Chairman of the company's Board of Directors, effective immediately. Westley is a Partner at Blum Capital Partners, a significant long-term shareholder. Peter Westley has 30 years of experience in financial services working with media and technology companies, and has served on Avid's board since 2016 as an independent director.

Avid also announced that it has entered into an amendment with Cerberus Business Finance, LLC, its senior lender, to extend the maturity of its current term loan to May 2023 and increase its term and revolving facilities by an aggregate of $35 million. In addition, under the terms of the amendment, the facility will be subject to a lower interest rate and annual fees, have a reduced principal amortization schedule and no longer include a springing repayment feature related to the maturity of the company's convertible notes in June 2020.

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