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JPMorgan Chase Provides $50MM Revolving Credit Facility to Climb Global Solutions

Date: May 24, 2023 @ 07:57 AM
Filed Under: Technology

Climb Global Solutions, a value-added global IT channel company providing unique sales and distribution solutions for innovative technology vendors, signed a new five-year, $50.0 million secured revolving credit facility with JPMorgan Chase on May 18, 2023. The amount the Company may borrow under the revolving credit facility is subject to a borrowing base calculation, with an "accordion" feature to obtain additional lender commitments to increase the facility size up to $70.0 million in the aggregate. The facility will replace the Company’s $20.0 million secured line of credit with Citibank, N.A. which was set to expire in June 2023. Under the new agreement, the interest rate on borrowings will be based on Adjusted Term SOFR plus 1.50% - 1.75%.

“We believe the new facility is an integral component of our capital structure and provides incremental liquidity as we continue to execute our organic and inorganic growth strategies,” said Dale Foster, CEO of Climb. “We look forward to working with the team at JPMorgan Chase as we now have additional capital and flexibility to fund our growth and execute on our strategic initiatives in the years ahead.”

“We are committed to helping our clients succeed at every stage of growth and we are delighted to help Climb with this revolving credit facility,” said Alison Harris, Relationship Executive for Middle Market Banking & Specialized Industries at JPMorgan Chase. “We look forward to continuing to support Climb as they grow their business and fulfill an important role in the emerging technology software supply chain.”

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