CHI consolidates financial position; terminates credit facility with Citibank
CHI recently engaged in a top-to-bottom review of its revolving lending facilities. The Company’s relationship with American Express was recently affirmed and a line of credit was further extended, given the Company’s generally positive outlook in a GAAP (generally accepted accounting principles) basis going forward.
However, CHI decided to end its relationship with Citibank, N.A. of South Dakota. “I want to thank Citibank for their past 18 years of support for CHI’s operations,” commented CHI Chief Financial Officer Mark Crorigan. “Unfortunately, Citibank’s debt offerings no longer fit into CHI‘s portfolio.” A Citibank spokesperson was unavailable to comment for this story, but Citibank has expressed its interest in working with CHI in the future.
No material impact on Q3’14 earnings is expected.