OMNIQ, a provider of supply chain and artificial intelligence-based solutions, has a new banking agreement which includes the closing of a new lending facility with Bridge Bank.
Deal highlights:
- Borrowing capacity increases by 40% to $8.5 million
- Effective terms and interest rate significantly lower than previous facility
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The asset-based lending facility will see OMNIQ’s interest rates expense cut by about 40% effective interest rate compared to its previous lender.
ThinkEquity, acted as placement agent for this debt financing.
“We’re delighted to start a relationship with a major commercial banking partner,” Shai Lustgarten, CEO of OMNIQ, said. “This is yet another step in OMNIQ’s continued growth and progress. This new lending facility will allow us to utilize more funds at lower interest rates which will improve cashflows and reduce interest expenses.”
“This is a show of confidence from a major financial institution,” Niv Nissenson, CFO of OMNIQ, said. “We’re looking forward to deepening the relationship with Bridge Bank.”
“Bridge Bank is pleased to work with OMNIQ to provide an asset-based lending solution that aligns with their growth goals,” Raelene Sagapolu, vice president in Bridge Bank’s Capital Finance Group, said. “We look forward to providing them with our relationship-driven expertise.
