| 1:52 am |
Senior Debt is Refinanced by Crescent Processing Company
Effective May, 2010, Crescent Processing Company will be refinancing the senior debt of the business. This will allow them to capitalize on their balance sheet. According to the announcement, JP Morgan Chase Bank will be the creditor for the $55 million debt. The term for repayment is 3 years.
Crescent Processing Company will also be offered capital for a long term basis so that the business is able to focus on a strategy for growth. They are well known as a leader in merchant credit card processing. They believe they will be able to provide their services for more merchants with growth. They can also upgrade equipment that they give to merchants for free. This will ensure all merchants can use current technology for fast, simple processing of each transaction.
The CFO of Crescent Processing Company, Chris Dierks, has stated that they are very happy with the refinancing option and the terms of it all. The business has received several positive responses from a variety of banks with offers during the process too. With this business being only about four years old, it is a great opportunity to be able to refinance the debt with a top bank. It helps to secure the accomplishments of the business. It also helps to confirm the future for the business is one that will be very profitable.
Crescent Processing Company was founded in 2006. Today they are one of the top payment processing service providers out there. They offer their services to both small and medium sized businesses in the USA. They have three facilities that are located in Texas. At this point in time they have approximately 200 employees. With the growth that is planned, the number of locations and employees is going to increase in the near future. |