Vology, Inc., an IT solutions provider specializing in networking, storage and virtualization infrastructure and technical services, has announced the completion of a new $40 million senior credit facility.

Vology raised the new capital in a syndicated financing led by Suntrust Bank, Fifth Third Bank and Hancock Bank. Proceeds were used to extinguish the company’s existing $15 million senior secured revolving line negotiated with Bank of America in 2010, and will support the company’s near-term growth objectives.

"As a successful middle market Tampa-based technology company, we attracted interest from multiple banks,” said Steve Torres, Vology’s chief financial officer. “Ultimately we selected partners that understood our business fundamentals as well as the acquisition opportunities in our industry.”

The facility comprises a $15 million revolving line of credit, a $15 million acquisition facility and a $10 million term loan, as well as an “accordion” provision for up to $15 million of additional revolving or term loan commitments. Unlike the company’s former financing terms, the new structure provides for borrowing eligibility against both assets and cash flow. Other transaction terms were not disclosed.

Torres adds that completing the new facility in a favorable credit market further allows Vology to achieve a lower average cost of debt, extend maturities and improve its covenant structure, contributing to a more flexible, longer-term capital structure that supports the company’s growth objectives.

Ranked #139 on the 2014 CRN Solutions Providers 500 list, Vology is a leading North American technology solutions provider offering a unique mix of new and certified pre-owned technology hardware, asset disposition, IT lifecycle management, value-added professional services, cloud and utility computing solutions to help customers optimize their IT budgets. Vology is headquartered in the Tampa, Fla. Area, with sales and management offices in Syracuse, Denver, Sacramento, Irvine, Austin and Oklahoma City.