CREXW - Creative Realities Closes on New Revolving Credit Facility | Benzinga
LOUISVILLE, Ky., May 28, 2024 (GLOBE NEWSWIRE) -- Creative Realities, Inc. ("Creative Realities," "CRI," or the "Company") (NASDAQ:CREX), a leading provider of digital signage and media solutions, today announced that it and First Merchants Bank ("FMB") executed a credit agreement implementing the previously-announced $22.1 million senior secured revolving credit facility (the "Revolver") with a $5 million accordion feature. At closing, the Revolver was utilized to pay off all existing indebtedness of the Company – $13.6 million – along with closing costs and ancillary fees. Additional terms were disclosed in the Company's Current Report on Form 8-K filed with the SEC on the date of this release.
"We are pleased to announce that a new credit facility with First Merchants, as anticipated, has been consummated, paving the way for our future growth and improved operating results," said Rick Mills, Chief Executive Officer. "As previously discussed, this Revolver provides us with a more conventional financing vehicle without prepayment penalties or a fixed amortization schedule, allowing for greater flexibility as our needs change and which, over time, can also result in reduced interest expense. This new facility – combined with our focus on migration to an optimal capital structure for the Company – enhances our operating outlook while strengthening the balance sheet. With the financing now behind us, we can concentrate on meeting increasing demand as we remain on track for our best year ever; Creative Realities is well positioned for ...