2tor Secures $10 Million Revolving Credit Line From Comerica
2tor, Inc. announced it secured a $10 million revolving credit line with Comerica Bank. The announcement comes on the heels of the company’s $26 million Series D financing, closed on April 2, 2012. Comerica Bank arranged a $10 million credit facility based on 2tor’s strong industry track record and anticipated growth. The new credit line will provide 2tor the flexibility required to fund its growth and execute on strategic initiatives.
2tor partners with prestigious institutions of higher education to deliver rigorous, selective degree programs online.
“We only develop programs with top-tier universities, such as UNC Chapel Hill, Georgetown and the University of Southern California,” says Robert Cohen, COO at 2tor. “These are world-class online programs that require significant upfront and ongoing capital investments. These funds will allow us to deliver transformative experiences that bring the quality and rigor of great academic institutions online.”
“It’s an exciting time for the education industry, and we’re pleased to work with a company that provides online resources to such high-caliber universities,” says Justin Swietlik, VP of Comerica.