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Crescent Processing Company Has Refinanced the Senior Debt of the Business
In a release dated May of 2010, Crescent Processing Company has confirmed it refinanced the senior debt of the business. As a result, they have been able to maximize the balance sheet figures. JP Morgan Chase Bank has been announced as the creditor for their debtor of approximately $55 million. The funds will have to be repaid over a period of 3 years.
The funds available to Crescent Processing Company will be used for growth. The business has a solid strategy in place for that to materialize. They are already one of the leaders in the area of merchant credit card processing. They feel that with the funds, they will be able to offer better services, and gain more merchants than before.
They will also use the funding to upgrade the types of terminal equipment that their merchants use. This equipment is offered at no charge to each merchant that has an active account with them. This technology enables the transactions to be completed fast and accurately.
Chris Dierks, who is the CFO for Crescent Processing Company, states that the business is very happy with the direction that this refinancing is going to offer to them. They feel the terms are excellent and that they will receive positive outcomes from the endeavor. The business is only a few years old, so the fact that a top bank would be willing to refinance their debt says a great deal about the future they have.
In 2006, Crescent Processing Company was established. It has quickly become one of the top payment processing businesses out there. They offer services to medium and small sized businesses around the United States. They have three locations in Texas and about 200 employees. That number though will significantly increase in the near future as part of the overall growth plan for the business. |