Loan & DebtMay 5, 2026, 05:22 PM
Crexendo Secures $10M Credit Facility from Wells Fargo
AI Summary
Crexendo, Inc. has secured a new Credit Agreement with Wells Fargo Bank, National Association, totaling $10,000,000. This facility comprises a $5,000,000 revolving line of credit and a $5,000,000 term loan. The term loan proceeds are specifically designated to finance the recent acquisition of Estech Systems, LLC, while the line of credit will support the acquisition, working capital, and other general corporate needs. The loans mature on May 1, 2029, and bear interest at a rate ranging from 2.25% to 2.75% plus SOFR, subject to the company's leverage ratio.
Key Highlights
- Crexendo entered into a Credit Agreement with Wells Fargo Bank for a total of $10,000,000.
- The facility includes a $5,000,000 revolving line of credit and a $5,000,000 term loan.
- Proceeds from the Term Loan will finance the acquisition of Estech Systems, LLC.
- Borrowings under the Line of Credit can be used for the Estech acquisition, working capital, and general corporate purposes.
- Interest rates range from 2.25% to 2.75% plus SOFR, based on the company's total net leverage ratio.
- The Line of Credit and Term Loan will mature on May 1, 2029.
- The obligations are secured by substantially all assets of the company and its guarantors.