MidCap Financial, a commercial finance company focused on middle market transactions, provided a senior secured revolving credit facility to XBP Americas (formerly known as Exela Technologies BPA, a subsidiary of Nasdaq listed XBP Global.
The agreement provides for a $150 million revolving credit facility secured by ABL priority collateral with a maturity date 36 months from closing, among other customary provisions. Proceeds from the credit facility were used to refinance the company’s existing debt, facilitate the company’s emergence from Chapter 11 and to support its ongoing working capital needs.
