April 10, 2021
Business News

OLB Accelerates Path to Profitability with Early Loan Payoff of Acquisition Financing

NEW YORK–()–The OLB Group, Inc. (NASDAQ: OLB), a provider of cloud- based omnicommerce and payment acceptance solutions for small and mid-size merchants, announced it completed an early payoff of its $7.7 million acquisition-related senior term loan originated in April 2018. Eliminating the debt, will save the Company approximately $0.72 million in interest annually and released the Company from the related restrictive covenants on the business.

“We are extremely excited to be able to pay off this loan early,” explained Ronny Yakov, OLB’s chief executive officer. “In connection with the termination of the debt obligations, 40,000 warrants related to the financing were also cancelled. I believe we are…

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