On April 17, 2023, SoundHound AI, Inc. (Nasdaq: SOUN) (“SoundHound”) announced the closing of its new term loan facility (the “Term Loan Facility”) with Atlas Credit Partners, of which $100 million was fully-funded at closing. The Term Loan Facility permits SoundHound to request additional commitments of up to $25 million. 

Proceeds from the Term Loan Facility will be used by SoundHound to repay existing debt, fund growth investments and for general corporate purposes.

SoundHound’s obligations under the Term Loan Facility are secured by substantially all of the assets of SoundHound and certain of its subsidiaries that also guarantee the Term Loan Facility.

Baker Botts L.L.P. represented Atlas Credit Partners in the transaction.

Atlas Credit Partners is an asset management firm specializing in credit investing and partnering directly with middle market growth companies. Atlas Credit Partners provides minimally-dilutive capital solutions to managements teams to facilitate transition, accelerate growth and create long-term value for stakeholders.

SoundHound is a leading innovator of conversational intelligence and offers an independent voice AI platform that enables businesses across industries to deliver best-in-class conversational experiences to their customers.

Baker Botts Lawyers/Office Involved:

Finance: Luke Weedon (Partner, Dallas); Clinton Culpepper (Partner, Austin); Regan Vicknair (Associate, Houston); Morgan Copher (Associate, Dallas)

Corporate:  Bryan Henderson (Partner, Dallas); Steve Mann (Partner, Dallas); Nic O’Brien (Senior Associate, Dallas)

Tax: Jon Lobb (Partner, Houston); Phillip Clifton (Associate, Houston)

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