GSI Commerce Inc, a leading provider of e-commerce solutions, announced that it has obtained a $75 million revolving secured line of credit from a bank group led by PNC Capital Markets, the investment banking arm of PNC Bank.
The five-year, revolving secured line of credit is available to the company for letters of credit, working capital and general corporate purposes, including possible acquisitions. In addition to PNC, banks participating in the facility include Bank of America (syndication agent), HSBC Bank USA and Sovereign Bancorp.
“This facility gives GSI additional flexibility to execute our strategy. We are pleased to have the support from a strong group of banks as we pursue our growth plans,” said Michael R. Conn, CFO and executive vice president of finance for GSI.
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