GlobalLogic enters into revolving credit facility with J. P. Morgan

GlobalLogic, a full-lifecycle product development services company, has entered into a new 5-year, $50 million revolving credit facility with J. P. Morgan Chase & Co (as Administrative Agent), CapitalOne Bank (as Syndication Agent), and EastWest Bank (as Documentation Agent). 

The new credit facility also provides an expansion feature to increase the facility by up to an additional $15 million. A portion of the proceeds was used to repay prior debt bearing a higher rate of interest. The remaining available proceeds will be used to support GlobalLogic’s continued growth, including the continuation of the company's acquisition program. 

"With this transaction we are able to take advantage of attractive financing terms in today's market and, at the same time, assemble a team of banks, led by J. P. Morgan Chase & Co., committed to supporting GlobalLogic’s continued growth. We are pleased to have these banking leaders’ validation of our influence in the product development services space. As we start to see greater consolidation of providers in this market, their financial backing will help us execute strategic acquisitions that strengthen our leadership and global presence,” said Wayne Grubbs, Chief Financial Officer of GlobalLogic.