Wells Finances Youngevity Revolver for Global Launch
Youngevity International entered it entered into a $2.5 million revolving line of credit agreement with Wells Fargo Bank, the company’s principal banking partner, to finance working capital.
The outstanding principal balance of the line of credit will bear interest at a fluctuating rate per annum, as calculated by Wells Fargo Bank at two and three-quarter percent (2.75%) above the daily one month LIBOR, as in effect from time to time. As of November 11, 2014, there were no amounts drawn against this facility.
“We are pleased to announce our new relationship with Wells Fargo Bank. Wells Fargo’s prestigious reputation, impressive banking platform, and financing capabilities provide us the capabilities that we will need as we expand around the globe,” said Dave Briskie, CFO of Youngevity. “We look forward to a fruitful banking partnership with Wells Fargo and believe the credit line will provide us with improved financial flexibility to support our various growth initiatives in international markets and strategic acquisitions.”
Youngevity International is a fast-growing, innovative, multi-dimensional company that offers a wide range of consumer products and services, primarily through person-to-person selling relationships that comprise a network of networks.