CHERRY HILL, N.J., June 13, 2023 (GLOBE NEWSWIRE) -- Corcentric, a leading global provider of best-in-class procurement and finance solutions, announced today it secured a new $315 million senior credit facility. The capital raise consists of a $250 million senior secured asset-based loan revolver from Bank of America and JPMorgan Chase & Co. and a $65 million term loan from TCW Private Credit Group.
Corcentric leverages sophisticated services and technology across the procurement and finance lifecycle, allowing customers to optimize profitability by reducing costs, increasing efficiencies, and improving cash flow. And with real-time visibility into spend, smarter analytics, and accurate forecasting, customers can focus on strategic growth planning.
“Our ability to obtain this facility in today’s intensely difficult credit environment is a testament to the strength of our business model,” said Matt Clark, president and COO at Corcentric. “As previously announced, our first quarter net revenue increased 20% compared to the prior year period, and under our new brand identity, we will only build upon this momentum. This new capital will allow us to continue to grow our book of business and achieve our goal to give every customer the individualized attention they deserve through best-in-class financial software and expert guidance.”
The new credit facility follows Corcentric’s recent announcement of strong business growth and industry recognition, as well as the launch of the company’s new global brand. The capital will be used for general business growth and to support Corcentric’s Managed Accounts Receivable solutions.
Stephens Inc. served as the financial advisor to Corcentric for this transaction.
About Corcentric
Corcentric is a leading global provider of best-in-class procurement and finance solutions. We offer a unique combination of technology and payment solutions complemented by robust advisory and managed services. Corcentric reduces stress and increases savings for procurement and finance business leaders by forming a strategic partnership to diagnose pain points and deliver tailor-made solutions for their unique challenges. For more than two decades, we've been a trusted partner who delivers proven results. To learn more, please visit www.corcentric.com.
Media Contact for Corcentric:
Rob Tacey
Director, Communications & Public Relations
Press@Corcentric.com
(302) 897-3094
