SunTrust Provides $25MM Facility to Innotrac
Innotrac said it has refinanced and expanded its senior credit facility with SunTrust Bank. Innotrac said it plans to use the increased availability to fund its market expansion and growth in the U.S. The new three-year, $25 million credit facility significantly expands and simplifies the company’s loan structure and provides Innotrac with enhanced liquidity, reduced interest rates and gives Innotrac a cash-flow-based line of credit that is expected to fuel the company’s expanding business for the foreseeable future.
The structure of the facility is a $25 million revolver, which gives the company flexibility and increased capacity to borrow for investment.
“We are pleased with our partnership with SunTrust Bank and delighted with the structure of the bank line. We look forward to continuing to grow our business and working with SunTrust,” stated Steve Keaveney, CFO of Innotrac. “This further strengthens our balance sheet, affording us ample opportunity to invest in our fulfillment centers and infrastructure for our valued client base. We believe the Company is well positioned for continued growth and we look forward to working with the SunTrust team, who we expect to be a great partner to support our growth.”
Innotrac, founded in 1984 and based near Atlanta, GA, is a commerce provider integrating digital technology, fulfillment, contact center and business intelligence solutions to support global brands.