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PNC Bank Closes $500+ Million Credit Facility for Seismic

June 12, 2024, 07:47 AM
Filed Under: Technology

PNC Bank closed a $500+ million senior secured credit facility for Seismic, a global leader in sales enablement software. PNC served as Administrative Agent and Collateral Agent for the credit facility and PNC Capital Markets LLC ("PNCCM") served as Lead Left Arranger.

"Over the past five years, PNC's relationship with Seismic has expanded to support their business goals, growth and acquisition needs," said Ankur Gupta, executive vice president and group head of Technology Finance for PNC Business Credit. "We look forward to continuing to support the company with financial products and strategies that can help deliver differentiated value to its customers through its industry-leading solution."    

The funds provided by the expanded credit facility will be utilized for strategic growth initiatives and working capital needs. In addition to closing the credit facility, PNC also provides Seismic with a suite of other bank products and services, including its comprehensive treasury management platform and capital markets solutions.

"Our longstanding relationship with PNC – both as a Seismic customer and as a valued partner – has been key in driving Seismic's growth and innovation," said Doug Winter, cofounder and CEO of Seismic. "With this extended facility, we're better enabled to accelerate our strategic initiatives, expand our market presence, and continue delivering world-class enablement solutions to our customers around the globe."

PNC Business Credit's Technology Finance group offers creative capital solutions tailored around the intrinsic value of recurring revenue streams for private software companies in the middle market. PNC is a consistent lender in the technology industry, offering deep sector knowledge and reliable deal execution, both domestically and internationally.

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