AutoWeb Enters Into New $25 Million Revolving Credit Facility with PNC Bank
“This new credit facility speaks to the confidence PNC, a leading financial institution, has in our organization after performing a significant due diligence process to gain a deep understanding of our business and turnaround strategy,” said
“We remain committed to becoming the leading matchmaker in the automotive industry focused on combining the value of leads, clicks and emails with a very large distribution channel and robust in-market audience. We look forward to working with the team at PNC as they provide us with liquidity to fund our growth and execute on our strategic initiatives.”
Borrowings under the new secured credit facility bear interest, at the election of the company (subject to certain conditions), at LIBOR plus 3.0% or the domestic rate determined under the credit facility agreement plus 2% and are subject to availability based primarily on the amount of eligible accounts receivable. Commitment fees ranging from 0.5% to 1.5% based on quarterly average borrowings as set forth in the credit facility agreement will apply to unused borrowings under the credit facility.
Investors and other interested parties can receive
Chief Financial Officer
Investor Relations Contact:
Liolios Investor Relations
Source: AutoWeb, Inc.