Mitchell announced the closing of a $70 million senior secured first-lien term loan.

The term loan is an add-on under Mitchell’s existing credit agreement, according to the company.

San Diego-based Mitchell said it expects to use the loan to pay down debt “and continue its track record of investing in technologies and companies that drive better outcomes in the markets it serves.”

“We are thrilled that investors continue to show confidence in us,” said Alex Sun, CEO of Mitchell. “Our ability to attract capital allows Mitchell to deliver on our mission to achieve better outcomes for our clients. We look forward to expanding and enhancing our capabilities to support our clients.”