Global Axcess Refinances Credit Facility With Fifth Third Bank
Global Axcess Corp., an independent provider of self-service kiosk solutions, announced that it has refinanced its $2.5 million credit facility with Fifth Third Bank, and secured a new, $3 million credit facility for potential M&A activity.
In June 2010, the company entered into a $5 million term note with Fifth Third Bank. This term note carries a three-year term, amortized over three years. As part of the refinancing, the company re-amortized the principal balance of the $2.5 million debt balance as of December 31, 2011 from 18 remaining months to 36 months. As a result of the refinancing and re-amortization, Global Axcess expects to save approximately $833,000 in principal payments in 2012.
Additionally, the company entered into a new $3 million credit facility with Fifth Third Bank. This new credit facility will be used to fund future merger and acquisition activities of the company.
Michael J. Loiacono, CEO of Global Axcess, commented, “We appreciate Fifth Third Bank’s confidence in the prospects of Global Axcess as they work with us to fund our future merger and acquisition activity. In addition, their willingness to re-amortize our debt will significantly help our cash flow during 2012. This new line of credit will enable us to pursue accretive acquisitions to accelerate growth in our core ATM business, ultimately creating increased value for our shareholders.”