Sign in Subscribe
Commercial banks

Renaissance Worldwide Secures $110 Million Interim Credit Facility from BankAmerica

Strategic Insights

— 1 min read

Renaissance Worldwide, a leading provider of IT and management consulting services, has announced a significant financial partnership with BankAmerica, one of the largest banks in the United States. The new interim credit facility of $110 million, underwritten by BankAmerica, is expected to provide Renaissance with the necessary capital to meet its future needs. This move positions the company for long-term financial stability, citing BankAmerica's prestigious reputation in the technology sector.

Key Takeaways:

  • Renaissance Worldwide secured a $110 million interim credit facility from BankAmerica, which will increase to $150 million over a three-year period.
  • The facility is expected to meet the company's capital needs for the foreseeable future, providing financial stability.
  • The partnership positions Renaissance Worldwide for long-term financial success, leveraging BankAmerica's expertise and resources.
  • BankAmerica Corporation is the largest bank in the United States, with $618 billion in total assets and operations in 22 states and the District of Columbia.
  • Renaissance Worldwide is a global business and technology consulting firm that provides focused solutions for breakthrough performance.
  • The company's three core businesses are informatics, networking, and project management.
  • Renaissance Worldwide's financial future is dependent on various factors, including integration of acquisitions and ability to sustain and manage growth.

Statistics:

  • $110 million: The initial amount of the interim credit facility provided by BankAmerica.
  • $150 million: The amount of the credit facility that will be reached after three years.
  • $618 billion: BankAmerica's total assets.
  • 22 states and the District of Columbia: BankAmerica's full-service operations.
  • 30 million households and 2 million businesses: BankAmerica's client base.
  • 1999: The year in which the partnership was announced.

Sources:

  • Business Wire, "Renaissance Worldwide Announces New Relationship with Bank America" (February 26, 1999).
  • Securities and Exchange Commission filings by Renaissance Worldwide, Inc.

Read more