GlobalLogic, a full-lifecycle product development services company, announced today that it has entered into a new 5-year, $50 million revolving credit facility with J. P. Morgan Chase & Co
June 19, 2014 (Newswire) - GlobalLogic, a full-lifecycle product development services company, announced today that it has entered into a new 5-year, $50 million revolving credit facility with J. P. Morgan Chase & Co (as Administrative Agent), Capital One Bank (as Syndication Agent), and East West Bank (as Documentation Agent). The new credit facility also provides an expansion feature to increase the facility by up to an additional $15 million. A portion of the proceeds was used to repay prior debt bearing a higher rate of interest. The remaining available proceeds will be used to support GlobalLogic's continued growth, including the continuation of the company's acquisition program.
"With this transaction we are able to take advantage of attractive financing terms in today's market and, at the same time, assemble a team of banks, led by J. P. Morgan Chase & Co., committed to supporting GlobalLogic's continued growth. We are pleased to have these banking leaders' validation of our influence in the product development services space. As we start to see greater consolidation of providers in this market, their financial backing will help us execute strategic acquisitions that strengthen our leadership and global presence," said Wayne Grubbs, Chief Financial Officer of GlobalLogic.
GlobalLogic is a full-lifecycle product development services leader that combines deep domain expertise and cross-industry experience to connect makers with markets worldwide. Using insight gained from working on innovative products and disruptive technologies, we collaborate with customers to show them how strategic research and development can become a tool for managing their future. Headquartered in the United States, GlobalLogic operates design and engineering centers around the world, extending the benefits of its authentic global presence to customers in digital media, electronics, healthcare, infrastructure, finance, retail, and telecom industries. The company works with both start-ups and industry leaders, including many of the world's top hardware, software, and consumer brands. For more information, visit: www.globallogic.com