Daily News: December 5, 2018

BofA, JPMorgan Chase Secure $150MM Revolver for Corcentric

Corcentric secured a $200 million senior credit facility, consisting of a $150 million senior secured asset-based loan revolver from Bank of America and JPMorgan Chase and a $50 million term loan from TCW Asset Management.

The credit facility will be used to support future growth both organically and via acquisitions, both in the U.S. and abroad.

Founded by CEO Doug Clark and EVP and CFO Mark Joyce and based in Cherry Hill, NJ, Corcentric provides procurement and finance solutions for companies to purchase, pay and get paid.

In March, the company rebranded with AmeriQuest Business Services under the Corcentric name in a move signaling a unification to provide accounts payable, billing and procurement solutions to over 6,000 customers from the middle market to the Fortune 1000.