RIMINI Street Inc. (Nasdaq RMNI), a global provider of enterprise software products and services, the leading third-party support provider for Oracle and SAP software products and a salesforce partner, has announced it has entered into a definitive agreement for a $90-million senior secured credit facility.

Approximately $88 million of the borrowings are to be used for the full redemption of the remaining Series A Preferred stock and the remainder of the borrowings for related transaction costs and other general corporate purposes. Loan funding and redemption of the Series A Preferred stock were expected to occur on July 20.

“Capital One is pleased to lead the recently closed $90 million term loan with Rimini Street, an industry leading technology services provider that is a valued solutions partner to Capital One, ”said Tom King, managing director at Capital One Technology, Media and Telecom Banking.

“The new financing bolsters Rimini Street’s capital structure and supports the company’s strategic plans. The expanded relationship through Capital One’s Technology, Media and Telecom corporate banking group builds upon several years of a successful partnership between the two organizations,” he added.

“This transaction significantly reduces our cost of capital and is accretive to earnings per share. This $90-million commercial bank financing achieves our long-stated goals of obtaining competitive market rates for capital, reducing financing costs and dividend obligations and providing operational flexibility that supports accelerating growth and capital return options,” said Seth Ravin, CEO and chairman of the board.

See the company’s Current Report on SEC Form 8-K, filed July 8, 2021 for more information on the terms of the credit agreement.