ServiceSource entered into a new $40 million senior secured revolving credit facility with BBVA Compass. The revolver will be used for working capital needs and other general corporate purposes.

ServiceSource also fully paid off its $150 million convertible senior notes maturing August 1, 2018. The payoff included principal, all interest and other payments due thereon and was fully settled using available cash on-hand.

“We are pleased to have delivered on our commitment to fully pay off our five-year convertible note obligation in cash and without dilution or impact to the company’s shareholders,” said Christopher M. Carrington, CEO of ServiceSource. “The entry into a new line of credit demonstrates the strength of our business and the quality of our assets, while providing further independent liquidity and flexibility to support the company’s strategic growth and investment objectives.”

ServiceSource International provides outsourced inside sales, customer success and recurring revenue growth and retention solutions to companies in the cloud/XaaS, software, technology hardware, medical device, diagnostic equipment and industrial IoT sectors.