Tri-S lands new $25 million credit facility
ATLANTAÃ¢â‚¬â€Tri-S Security, a security integrator and guarding provider, announced this week a new $25 million credit facility with its current senior lender, LSQ Funding. This will allow the company to borrow up to 90 percent of both billed and unbilled accounts receivable, which currently amounts to $13 million in unused borrowing capacity.
In a statement, Tri-S chief executive Ronald Farrell said this Ã¢â‚¬Å“will improve our liquidity position and will allow us to accelerate organic growth opportunities as well as pursue any acquisition opportunities we may identify. Given our top line growth, the new credit facility could also enable us to reduce other debt currently on our books in the future.Ã¢â‚¬Â
Farrell has been actively exploring acquisitions since selling off Tri-SÃ¢â‚¬â„¢s residential holdings and other pieces for roughly $12 million at the end of 2006.