MidCap Financial provided a senior secured revolving credit facility to XBP Americas, LLC (formerly known as Exela Technologies BPA, LLC), a subsidiary of Nasdaq listed XBP Global Holdings, Inc.
The agreement provides for a $150,000,000 revolving credit facility secured by ABL Priority Collateral with a maturity date 36 months from closing, among other customary provisions. Proceeds from the credit facility were used to refinance the Company’s existing debt, facilitate the Company’s emergence from Chapter 11, and to support its ongoing working capital needs.