SYNNEX Corporation, a leading business process services company, announced the completion of a new financing arrangement to fund the acquisition of IBM’s customer relationship management business as well as SYNNEX’ general working capital requirements.

SYNNEX has entered into a credit agreement with a group of commercial banks which provides for the extension of a revolving credit facility of $275 million and a term loan of $225 million. Under the credit agreement, SYNNEX has the ability to request an increase in the amount of the revolving facility and/or term loan by an aggregate maximum principal amount of up to $125 million. The credit agreement announced today replaces SYNNEX’ prior $100 million revolving credit agreement originally dated November 12, 2010. Both the revolving credit facility and term loan extended under the new credit agreement will mature in November 2018.

In connection with the new credit agreement, Bank of America, N.A. is acting as administrative and the Bank of Nova Scotia and the Royal Bank of Scotland acted as co-syndication agents.

SYNNEX anticipates the initial closing of the acquisition to occur in the first calendar quarter of 2014. Approximately 90 percent of the incoming employees from IBM will be included in this initial closing.

SYNNEX Corporation, a Fortune 500 corporation, is a leading business process services company, servicing resellers, retailers and original equipment manufacturers in multiple regions around the world. The company provides services in IT distribution, supply chain management, contract assembly and business process outsourcing.