CREXW - Creative Realities to Restructure Debt Through Revolving Credit Facility | Benzinga
LOUISVILLE, Ky., May 09, 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 had signed a non-binding commitment letter with First Merchants Bank ("First Merchants") for a $20 million senior secured revolving credit facility (the "Revolver") with a $5 million accordion feature. A portion of the funds available from the Revolver will, upon closing, pay off all existing indebtedness of the Company. Along with closing costs and ancillary fees, the total amount of initial drawn funds on the Revolver is anticipated to be approximately $14.5 million at closing. Additional terms are disclosed in the Company's Current Report on Form 8-K filed with the SEC on the date of this release. The parties intend to consummate the Revolver on or after May 17, 2024, subject to the completion of First Merchants' due diligence, definitive documentation and customary terms and conditions.
"I'm very pleased to announce our intent to refinance the Company's credit facilities with First Merchants as soon as next week," said Rick Mills, Chief Executive Officer. "The contemplated credit facility with First Merchants provides a conventional revolver structure without prepayment penalties and eliminates fixed amortization payments, allowing the flexibility to draw as needed for growth capital as well as to reduce interest expense going forward. We are focused on de-levering the Company and taking appropriate steps to strengthen the balance sheet and ...