Jagged Peak Completes New Senior Credit Facility With Fifth Third
Jagged Peak, Inc., a provider of enterprise-class eCommerce solutions and supply chain services, announced that it entered into a new senior credit facility with Fifth Third Bank. The facility provides for a two-year $3 million revolving line of credit secured by all the assets of the company. This replaces the prior outstanding facility and will be used for working capital. The pricing on the new facility is based on an applicable margin plus LIBOR and does not require a borrowing base. The new credit facility increases availability by $1.5 million from the prior facility.
“This new $3 million credit facility accomplishes several things for us,” says Jagged Peak CFO Albert Narvades. “In addition to enabling us to retire outstanding debt, it increases our financial flexibility by lowering annual interest expense, and doubling the size and extending the term of our borrowing facility. We appreciate Fifth Third Bank’s help in assembling a cost-effective solution that aligns with strengthening our liquidity and reducing our cost of capital.”
Jagged Peak’s technology and supply chain services enable retailers, manufacturers, distributors and consumer brand companies to quickly and cost-effectively establish and operate a direct online business.