Creative Realities, a provider of digital signage and media solutions, and First Merchants Bank (FMB) executed a credit agreement implementing the previously-announced $22.1 million senior secured revolving credit facility with a $5 million accordion feature. At closing, the revolver was utilized to pay off all existing indebtedness of the company ($13.6 million) along with closing costs and ancillary fees.
“We are pleased to announce that a new credit facility with First Merchants, as anticipated, has been consummated, paving the way for our future growth and improved operating results,” Rick Mills, CEO of Creative Realities, said. “As previously discussed, this revolver provides us with a more conventional financing vehicle without prepayment penalties or a fixed amortization schedule, allowing for greater flexibility as our needs change and which, over time, can also result in reduced interest expense. This new facility — combined with our focus on migration to an optimal capital structure for the company — enhances our operating outlook while strengthening the balance sheet. With the financing now behind us, we can concentrate on meeting increasing demand as we remain on track for our best year ever; Creative Realities is well positioned for significant growth and improved bottom line performance in the quarters to come.”
“First Merchants Bank is pleased to announce its new partnership with Creative Realities, offering comprehensive banking services including a credit facility to bolster the company’s growth initiatives,” David Greene, Indianapolis regional president of First Merchants Bank, said. “By providing attentive and adaptable solutions, we empower businesses like Creative Realities to drive innovation and economic growth, demonstrating our dedication to our communities. We look forward to achieving great success together.”
