CHERRY HILL, N.J., Dec. 4, 2018 /PRNewswire/ -- Corcentric, a fast-growing provider of procurement and financial process automation solutions, today announced it has secured a $200 million senior credit facility. The capital raise consists of a $150 million senior secured asset-based loan revolver from Bank of America and JPMorgan Chase and a $50 million term loan from TCW Asset Management Company, LLC. Stephens Inc. served as exclusive financial advisor to Corcentric in this transaction.
Corcentric's services and technology reduce operating costs for middle market and Fortune 1000 companies. In March, 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.
"Securing this credit facility underlines our commitment to growing our business and pursuing the large market opportunity in front of us," commented Mark Joyce, Executive VP and CFO at Corcentric. "We're continually investing in further improving our technology and solutions, benefiting our customers as we help them to transform procurement, accounts payable, and billing."
"Our new credit facility represents a key step in the execution of our strategic plan under the Corcentric brand," said Doug Clark, founder and CEO, Corcentric. "From our early days to today, our DNA continues to be about providing a competitive advantage to our customers by enabling them to free up working capital and reduce expenses so they can fuel more growth."
The credit facility will be primarily used to support future growth both organically and via acquisitions both in the US & abroad.
Corcentric is a leading provider of procurement and finance solutions that transform how companies purchase, pay, and get paid. Corcentric's procurement, accounts payable, and accounts receivable solutions empower companies to spend smarter, optimize cash flow, and drive profitability. Since 1996, more than 6,000 customers from the middle market to the Fortune 1000 have used Corcentric to reduce costs and improve working capital. Learn more at corcentric.com, or follow Corcentric on LinkedIn at https://www.linkedin.com/company/corcentric.
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