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ISGN Enters into $20 million Line of Credit from J.P. Morgan
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The J.P. Morgan funding replaces a previous $15 million line of credit from a different bank and gives ISGN additional capital for new market opportunities in 2012. MELBOURNE, FL — January 25, 2012 — ISGN Corporation™ (“ISGN”), a leading provider of end-to-end technology solutions and services to the U.S. mortgage industry, has obtained a $20 million secured line of credit from JPMorgan Chase Bank, N.A. (“J.P. Morgan”). It is a line of credit available through November 21, 2012, subject to certain conditions, enabling ISGN to utilize the entire $20 million immediately to take advantage of significant market opportunities in the first half of 2012. It refinances and replaces a $15 million line of credit previously provided by a different bank and is priced at an improved interest rate of 3.25 percent plus LIBOR subject to certain terms and conditions.
ISGN’s majority shareholder, Chambal Fertilisers and Chemicals Limited, based in New Delhi, India, enjoys a close business relationship with J.P. Morgan and provided the support necessary for ISGN to secure the funding at these favorable terms.
“This is a solid line of credit from one of the preeminent names in global banking,” said Shailendra Gupta, chief financial officer of ISGN. “The $20 million credit line by J.P. Morgan, combined with $30 million in additional funding ISGN obtained from its investors last summer, positions us well going into 2012 to bring to market a number of new and improved solutions for our lender and servicer clients.”
About ISGN
ISGN is a leading provider of mortgage technology and services. A fast-growing company with more than 1,000 customers, including large global banks and many of the top 10 lenders in the country, ISGN’s product line includes a complete range of solutions for lenders, brokers and servicers. ISGN is funded by the highly regarded venture firms New Enterprise Associates (NEA) and IndoUS Venture Partners (IUVP), and by CFCL Overseas Limited, an SPV of Chambal Fertilisers and Chemicals Limited, a KK Birla Group company. Based in Melbourne, Florida, ISGN now employs more than 1,000 people across six domestic centers and two international facilities. For more information, visit www.ISGN.com.
PRESS CONTACT Marshall Taylor Strategic Vantage Marketing & Public Relations MarshallTaylor@StrategicVantage.com
(410) 867-1093
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