Fusion, a cloud services provider, acquired Herndon, VA-based Apptix, a provider of cloud-based communications, collaboration, virtual desktop, compliance, security and cloud computing solutions.

Total consideration in the transaction was $28 million, consisting of $23 million in cash and approximately three million shares of Fusion unregistered common stock priced at $1.68 per share.

The acquisition, which closed on November 14, 2016, was financed with a new $70 million senior secured credit facility led by East West Bank, which replaces Fusion’s previous $40 million senior credit facility. The new credit facility reduces Fusion’s weighted average borrowing cost from 8.0% down to 7.5%.

The Fusion’s new five-year facility consists of a $65 million term loan and a $5 million revolver (undrawn at close), at an interest rate of LIBOR (with no floor) + 5.00%.

Fusion’s previous facility consisted of a $25 million senior term loan and $15 million senior revolver.

Michael Bauer, Fusion’s chief financial officer, said, “We are extremely pleased to announce our new senior credit facility led by East West Bank. Together with our common share offering, this new facility gives Fusion additional financial strength and flexibility to continue to pursue our growth strategy.”