Daily News: September 26, 2013

Edgewater Establishes Facility With RBS Citizens

Edgewater Technology established a new $10 million three-year credit facility with RBS Citizens. It will be used for working capital, including funding growth initiatives, stock repurchases and acquisitions.

The credit facility includes an additional accordion feature that allows Edgewater to request an additional $5 million as needed, extending the total credit facility borrowing capacity to $15 million over its initial three-year term.

It is secured by the personal property of Edgewater and Edgewater’s domestic subsidiaries, and is subject to normal covenants.

“This new credit facility, in combination with Edgewater’s demonstrated ability to generate free cash flow from operations, will provide us the financial flexibility to pursue strategic growth opportunities,” commented Shirley Singleton, Edgewater’s chairman, president and CEO. “Our team would like to thank RBS Citizens for their partnership in establishing this facility, which represents a non-dilutive source of capital that serves to enhance the strength of our balance sheet.”

Edgewater Technology is a strategic consulting firm delivering a blend of classic and product-based consulting services.