FutureLink Secures $25M Credit
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ASP pioneer FutureLink Corp. (NASD: FTRL) announced Wednesday (Nov 29) that it has entered into a three-year, $25 million revolving credit facility with Foothill Capital Corporation, a subsidiary of Wells Fargo & Company (NYSE: WFC), covering FutureLink's North American operations.
The facility allows borrowings based upon eligible North American accounts receivable. In addition, FutureLink expects to complete a separate but related revolving credit facility with Foothill Capital in the near future based on FutureLink's eligible United Kingdom accounts receivable. The United Kingdom credit facility will allow borrowings up to an additional $5 million.
"We are pleased to have completed this financing transaction, which allows us greater flexibility in managing our company's cash flow," commented Philip Ladouceur, chairman and CEO of FutureLink. "The funds from this credit facility will be used primarily for working capital to fund our corporate ASP integration business."
FutureLink is one of the largest and most experienced ASPs worldwide. The founding member of the ASP Industry Consortium, FutureLink markets its offerings through a network of channel partners, independent software vendors (ISVs), software resellers and systems integrators throughout the US, Canada and the UK.