Global alternative investment firm Angelo Gordon provided Exela Technologies, a location-agnostic global business process automation company, with a five-year, $145 million term loan facility.

The facility provides for an initial funding of approximately $92 million and, subject to certain conditions, a further funding of approximately $53 million. A portion of the proceeds from the initial funding will be used to retire all debt outstanding under Exela’s accounts receivables securitization facility of approximately $83 million. Liquidity, as determined in accordance with the first lien credit agreement dated as of July 12, 2017, as amended, to which Exela’s subsidiaries are party, will be greater than $140 million assuming full funding under the new facility. On that basis, the company’s previously announced strategic initiative to improve liquidity to approximately $150 million will be substantially achieved.