As you say, each of the characters is not a full 8 bits (namely a character out of an alphabet of 256), but chosen from a smaller alphabet of 96 characters, and log(96)/log(2) = log_2(96) ≈ 6.58, so 6.58 * 14 = 92 bits. Then I deducted a bit or two ad-hoc for the way they're drawn, with letters overrepresented. This could be computed more precisely. But it's not more than 93 bits, and not less than 83 bits, I'd say.