Concentrix Corporation (NASDAQ:CNXC), a global provider of customer engagement services, has amended its accounts receivable securitization facility, increasing its borrowing capacity from $600 million to $700 million. The amendment, effective as of Monday, also extends the facility's termination date by nearly a year to January 14, 2027.
This financial move, detailed in a recent SEC filing, comes as the company seeks to bolster its liquidity and financial flexibility. The Newark, California-based company, operating under the business services sector, has secured the increased commitment and extension through an agreement with PNC Bank, National Association, serving as the administrative agent, alongside other group agents and lenders.
The expansion of the securitization facility allows Concentrix to access additional funds under the amended terms. This strategic financial restructuring is part of the company's broader efforts to manage its capital structure efficiently.
The specifics of the amendment are encapsulated in the Fourth Amendment to the Receivables Financing Agreement, which is now part of the company's formal financial documentation. The agreement underscores Concentrix's commitment to maintaining a robust financial foundation to support its ongoing operations and strategic initiatives.
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