Monroe Capital has provided funding of a USD15 million senior credit facility to Applied Merchant Systems West Coast, Inc. Monroe Capital’s loan facility was used to refinance existing debt, repurchase common stock, and provide ongoing working capital. Monroe Capital also provided a committed acquisition facility to the company as part of its financing.
Applied Merchant Systems, based in Oxnard, California, is an Independent Sales Organisation (ISO) and a leading provider of diversified products and services to the trillion dollar electronic merchant transaction processing industry and provides processing services to merchants that include authorisation, transaction capture, settlement, chargeback handling, and internet-based transaction processing.
Warren Woo, Managing Director of Monroe Capital, says: “We believe that Applied Merchant Systems has the experience and capability to become one of the dominant players in the electronic merchant transaction processing industry. We are very impressed by their knowledge of the industry and the depth of their management talent.”
Jonathan Severn, Founder and CEO of Applied Merchant Systems, says, “Monroe Capital is the perfect financial partner for us. They quickly understood our business and financing needs and gave us all the capital we requested to execute our growth strategy. We look forward to a long and prosperous relationship with Monroe Capital.”