Global Imaging cuts term loan spread by 50 basis points

By Sara Rosenberg

New York, March 14 - Global Imaging Systems Inc. amended its credit facility, lowering the interest rate on its $208 million term loan to Libor plus 150 basis points from Libor plus 200 basis points, according to a company news release.

Wachovia is the lead bank on the deal.

"This interest rate reduction is a further sign of the comfort our lenders have with Global's increasing financial stability and strength as reflected in Standard & Poor's upgrade of our debt to a positive outlook in February," chairman and chief executive officer Tom Johnson said in the release.

"The lower interest rate saves Global approximately $1 million a year, excluding bank and legal fees."

Global Imaging Systems is a Tampa, Fla.-based provider of office technology solutions to middle-market businesses.

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