GSI Commerce Inc. has
amended and
expanded its existing secured revolving credit facility. By
exercising
the accordion feature in its existing credit facility, GSI
expanded the
credit facility by $60 million to $150 million, including both
renewed
and increased commitments from its existing bank group as well as
the
addition of new bank group members. The company does not currently
have
any outstanding borrowings under the credit facility.
“The amended and expanded credit facility
gives GSI additional
flexibility and capacity to carry out its long-term growth
strategy. We
view the renewed support from PNC, Bank of America, TD Bank,
Sovereign
Bank, HSBC, and Morgan Stanley and the new commitments from
Deutsche
Bank, J.P. Morgan and UBS as a reflection of GSI’s strong track
record
and solid growth prospects,” stated Michael R. Conn, CFO and
Executive
Vice President of Finance for GSI.
The amended secured
revolving credit facility extends to March of 2013
and is available to the company for letters of credit, working
capital
and general corporate purposes, including possible acquisitions.
The
line of credit also provides a sublimit for borrowings and letter
of
credit issuances in multiple currencies to help fund GSI’s
international
expansion plans.
PNC Capital Markets LLC, the investment
banking arm of PNC Bank and Bank
of America Securities acted as joint lead arrangers and joint
bookrunners on the facility expansion with PNC Bank, National
Association serving as Administrative Agent and Bank of America,
N.A. as
Syndication Agent.
