iPower, a tech and data-driven ecommerce services provider and online retailer, renewed its secured revolving credit facility with JPMorgan Chase, extending the maturity by three years to November 2027._x000D_
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The new facility has a revolving commitment of $15 million, with an accordion feature to obtain additional lender commitments to increase the facility size up to $40 million in the aggregate. Under the new agreement, the interest on borrowings will be based on SOFR plus 2.25% – 2.50%._x000D_
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“We are pleased to renew our credit facility with a leading institution like JPMorgan Chase, which underscores their confidence in our strategy and long-term vision,” Lawrence Tan, CEO of iPower, said. “This new facility is an essential component of our capital structure as it provides us with the flexibility to fund our growth and advance our strategic initiatives. With a strengthened balance sheet, continued growth in our SuperSuite supply chain business and optimized cost structure, we believe we are well positioned to deliver on our goals ahead.”
Forward for Specialty Finance
