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EVCI inks $10M financing deal

April
25

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 “no conditions other than the wiring of funds and the issuance of the securities,� 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.

This entry was posted on Wednesday, April 25th, 2007 at 6:00 pm by David Schepp. You can follow any responses to this entry through the RSS 2.0 feed.
Category: Raising cash, Uncategorized

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Business in the Burbs is our online news blog about businesses based or operating in the Lower Hudson Valley. Visitors here will also find items of interest to consumers in the region. Most contributions are from business reporters and editors covering Westchester, Rockland and Putnam counties.

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