Daily News: October 15, 2012

J.P. Morgan Leads New Credit Facility for GlobalLogic

GlobalLogic announced it has closed a new credit facility led by J.P. Morgan. The new credit facility also provides an expansion feature to increase the facility by up to an additional $15 million.

A portion of the proceeds was used to repay prior debt bearing a higher rate of interest. The remaining available proceeds will be used to support GlobalLogic’s continued growth, including the continuation of the company’s acquisition program.

“With this transaction we are able to take advantage of attractive financing terms in today’s market and, at the same time, assemble a team of banks, led by J. P. Morgan Chase & Co., committed to supporting GlobalLogic’s continued growth. We are pleased to have these banking leaders’ validation of our influence in the product development services space. As we start to see greater consolidation of providers in this market, their financial backing will help us execute strategic acquisitions that strengthen our leadership and global presence,” said Wayne Grubbs, CFO of GlobalLogic.

GlobalLogic is a full-lifecycle product development services provider that combines deep domain expertise and cross-industry experience to connect makers with markets worldwide.