PGi Amends its Credit Facility; Increases Capacity from $300M to $400M
PGi (NYSE: PGI), a global leader in virtual meetings for over 20 years, today announced it has closed an amendment to its credit facility that provides for, among other things: (i) increasing the overall borrowing capacity to $400 million from $300 million; (ii) extending the maturity of the credit facility from December 20, 2016 to August 27, 2018; (iii) reducing the applicable interest rates across the pricing grid; and (iv) increasing PGi's maximum consolidated leverage ratio to 3.25x and the related limitation on permitted acquisitions to 3.0x.
"We are pleased to have extended the term and improved the pricing and covenants of our credit facility, which will provide us greater flexibility to execute our strategic growth plans, while also lowering our cost of capital," said Boland T. Jones, PGi founder, chairman and CEO. "We believe this improved facility demonstrates confidence in our business model and will enable us to continue to invest in and grow our business for the future."
About Premiere Global Services, Inc. │ PGi PGi has been a global leader in virtual meetings for over 20 years. Our cloud-based solutions deliver multi-point, real-time virtual collaboration using video, voice, mobile, web streaming and file sharing technologies. PGi solutions are available via desktops, tablets and mobile devices, helping businesses worldwide be more productive, mobile and environmentally responsible. PGi has a global presence in 25 countries and an established base of over 40,000 enterprise customers, including 75% of the Fortune 100™. In the last five years, we have hosted nearly one billion people from 137 countries in over 200 million virtual meetings. For more information, visit PGi at www.pgi.com.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.