BofA, JP Morgan Chase provide USD 200 mln credit facility to Corcentric

Thursday 6 December 2018 00:29 CET | News

US-based billing solutions provider Corcentric has secured a USD 200 million senior credit facility from Bank of America, JPMorgan Chase and others.

The capital raise consists of a USD 150 million senior secured asset-based loan revolver from Bank of America and JPMorgan Chase and a USD 50 million term loan from TCW Asset Management Company, LLC. Stephens Inc. served as exclusive financial advisor to Corcentric in this transaction.

Corcentrics services and technology reduce operating costs for middle market and Fortune 1000 companies. In March 2018, the company rebranded with AmeriQuest Business Services under the Corcentric name. The move signaled a unification to provide unparalleled accounts payable, billing and procurement solutions to over 6,000 trusted partners. The credit facility will be primarily used to support future growth both organically and via acquisitions both in the US & abroad.

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Keywords: Bank of America, Corcentric, JP Morgan Chase, lending, investment, credit facility, e-billing, e-invoicing, US, AP automation, accounts payable automation
Countries: World