Global Axcess Corp., a provider of self-service kiosks, has plans to accelerate growth in its core ATM business, thanks to its recent deal with Fifth Third Bank, according to a company press release.
It refinanced its $2.5 million credit facility and secured a new, $3 million credit facility for potential M&A activity.
"We appreciate Fifth Third Bank's confidence in the prospects of Global Axcess as they work with us to fund our future merger and acquisition activity," Michael J. Loiacono, CFO, Global Axcess, said in the release. "In addition, their willingness to re-amortize our debt will significantly help our cash flow during 2012."
In June 2010, Global entered into a $5 million term note with Fifth Third Bank, according to the release. This term note carries a 3-year term, amortized over three years. As part of the refinancing, the company re-amortized the principal balance of the $2.5 million debt balance as of Dec. 31, 2011 from 18 remaining months to 36 months. As a result of the refinancing and re-amortization, Global Axcess expects to save abougt $833,000 in principal payments in 2012.
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