PGi Amends its Credit Facility With Increase From $400M to $500M; Extending Term To 08/07/2015, Reduced Interest Rate
Premiere Global Services, Inc. (NYSE: PGI), a global leader in collaboration software and services 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 $500 million from $400 million; (ii) extending the maturity of the credit facility for one additional year to August 27, 2019; (iii) reducing the applicable interest rates across the pricing grid; and (iv) increasing PGi's maximum consolidated leverage ratio to 3.5x.
"We are pleased to have, once again, extended the term and improved the pricing and covenants of our credit facility, providing 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 and expanded facility
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