Systemax, a personal computer hardware distributor and manufacturing company, recently increased and consolidated its credit facility for working capital, said Steven Goldschein, senior v.p. and cfo. "We did a new facility because we were increasing the amount of the facility," he said. "We combined two facilities, one in North America and one in Europe and increased it as part of the process." He later added, "We combined the two [facilities] with the same group of lenders on the same side of the ocean; that's why we did it."
JPMorgan leads the five-year, $120 million revolver, which replaces a £15 million facility and £5 million term loan. The company previously had a $70 million facility in place. The deal is secured by accounts receivable and inventory along with other assets. "It's an asset-backed agreement and it just made more sense" to do the deal in the U.S., he explained. The bank was the lead on the initial agreement and Goldschein said the company is "very happy with them." He would not comment on pricing.