Revolving Loan for Hybrid IT Company
Software-enabled IT & Cloud solutions provider focused on delivering
industry-leading solutions and services across the globe.
Sector: Information Technology
Loan Type: Senior Secured Revolver Loan
Location: United States
Loan Amount: $170,000,000 CAD
Date: September 2017 - November 2020
Banks unable to fund the borrower's growth and acquisition plans.
Cortland provided a $35 million initial credit revolving facility to partially fund the company's first acquisition of a hybrid IT company.
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.