EVCI inks $10M financing deal
EVCI Career Colleges Holding Corp., an operator of career colleges including Interboro Institute, announced today that it entered into an agreement with ComVest Group Holding LLC and participating EVCI management that will provide EVCI with $10.1 million.
The pact also allows the Yonkers-based company to secure letters of credit of up to $6.7 million, EVCI said, adding that the deal is expected to close May 24.
The agreement with ComVest has Ã¢â‚¬Å“no conditions other than the wiring of funds and the issuance of the securities,Ã¢â‚¬? EVCI said. EVCI will restructure its bank debt at the same time as the financing is closed, it said.
EVCI also announced that Robert F. Kennedy Jr., son of late Sen. Robert F. Kennedy and a professor at Pace Law School, has joined the EVCI board of directors to head up a new Educational Oversight Committee.