
Revolving Loan for Hybrid IT Company
Borrower Profile
Sector: Information Technology
Description: Hybrid IT Company
Date: September 2017 - November 2020
Loan Amount: $170,000,000 CAD
Loan Type: Senior Secured Revolver Loan
Location: United States
Challenge
Banks unable to fund the borrower's growth and acquisition plans.
Solution
Cortland provided a $35 million initial credit revolving facility to partially fund the company's first acquisition of a hybrid IT company.
Result
Lending commitment grew to $170 million within 24 months. Borrower group's trailing 12-month revenue grew 370%+ from initial advance to payoff. Borrower group's market cap since the first quarter ended after going public had grown 625% as at the final payoff date.