Global Axcess Corp Extends Amortization on Select Credit Facilities
- Adjustments to Existing Facilities to Result in Principal Payment Reductions of Over $800,000 for 2012 -
- Extends Amortization from an Average of 36 Months to 48 Months -
JACKSONVILLE, Fla., June 14, 2012 /PRNewswire/ -- Global Axcess Corp (OTC Bulletin Board: GAXC - News; the "Company"), an independent provider of self-service kiosk solutions, today announced that it has executed a refinancing agreement to several of its credit facilities with Fifth Third Bank that effectively extends its amortization of debt from an average of 36 months to 48 months, effective June 1, 2012.
In addition, the agreement calls for:
- No principal or interest payments for June and July, 2012 on select facilities; payments begin effective August 1.
- Interest only on the Company's large lease facility for June and July, 2012 and principal payments beginning August 1.
This amended agreement extends the re-amortization from an average of 36 months to an average of 48 months. As a result of the refinancing and re-amortization, Global Axcess expects to save approximately $800,000 in principal payments for the remainder of 2012.
In exchange for the extension of the amortization, the interest rate on all affected debt will increase to 7.5% through March, 2013.
Michael J. Loiacono, Chief Financial Officer of Global Axcess, commented, "Fifth Third Bank maintains a clear understanding of our business needs and their willingness to re-amortize our debt will significantly help our cash flow during the remainder of 2012. We appreciate their continued support of our financial and operational goals."
About Global Axcess Corp
Headquartered in Jacksonville, Florida, Global Axcess Corp was founded in 2001 with a mission to emerge as the leading independent provider of self-service kiosk services in the United States. The Company provides turnkey ATM and other self-service kiosk management solutions that include cash and inventory management, project and account management services. Global Axcess Corp currently owns, manages or operates more than 5,300 ATMs and DVD kiosks in its national network spanning 43 states. For more information on the Company, please visit http://www.globalaxcess.biz. For more information on Nationwide Money Services, please visit http://www.nationwidemoney.com.
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SOURCE Global Axcess Corp