IncrediMail Secures $20 Million Credit Facility
IncrediMail Ltd. (NASDAQ: MAIL) today announced the signing of agreements to secure a credit facility for up to $20 million of financing. The facility offers IncrediMail the ability to be opportunistic when addressing future acquisitions while cash reserves are replenished from on-going operations.
“We have been exploring a number of financing options to keep our long-term capital structure strong and have decided to take advantage of a competitive debt market and capitalize on favorable financing terms to remain opportunistic with our growth,” said Josef Mandelbaum, IncrediMail's CEO.
The credit facility is comprised of a $12 million line of credit provided by Bank Leumi Le-Israel, Israel's leading bank, and an $8 million line provided by First International Bank of Israel. The repayment of the debt is structured over four and five years respectively, and the Company has an option for early re-payment.
