Following a recent announcement of strong business growth and industry recognition, as well as the launch of the company’s new global brand, Cherry Hill-based Corcentric said it secured a new $315 million senior credit facility. The capital will be used for general business growth and to support the firm’s managed accounts receivable solutions.
The capital raise consists of a $250 million senior secured asset-based loan revolver from Bank of America and JPMorgan Chase & Co. and a $65 million term loan from TCW Private Credit Group.
Corcentric leverages sophisticated services and technology across the procurement and finance lifecycle, allowing customers to optimize profitability by reducing costs, increasing efficiencies and improving cash flow. And, with real-time visibility into spend, smarter analytics and accurate forecasting, customers can focus on strategic growth planning.
“Our ability to obtain this facility in today’s intensely difficult credit environment is a testament to the strength of our business model,” Matt Clark, president and chief operating officer at Corcentric, said. “As previously announced, our first quarter net revenue increased 20% compared to the prior year period, and, under our new brand identity, we will only build upon this momentum. This new capital will allow us to continue to grow our book of business and achieve our goal to give every customer the individualized attention they deserve through best-in-class financial software and expert guidance.”
Stephens Inc. served as the financial adviser to Corcentric for this transaction.
