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.