Fifth Third Provides Jagged Peak Term Loan
Jagged Peak announced it entered into a $2 million term loan with Fifth Third Bank. In addition, Jagged Peak amended its $5 million senior credit facility with Fifth Third Bank to extend its maturity from August 2015 to September 2016.
The term loan provides for $2 million at an interest rate of LIBOR plus 2.5%. The term loan matures in September 2018. The senior credit facility provides a revolving line of credit with a maturity of two years and a maximum borrowing capacity of $5 million.
“The new term loan, in addition to our senior credit facility, has expanded our financial flexibility,” says Jagged Peak CFO Albert Narvades. “Fifth Third Bank’s understanding of our business and support have been critical to our growth.”
Jagged Peak is an e-commerce solutions provider.