Bank of America Leads PGi Credit Facility Amendment
PGi, a global provider of virtual meetings for over 20 years, said it has closed an amendment to its credit facility that provides for, among other things: 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.”
PGi’s cloud-based solutions deliver multi-point, real-time virtual collaboration using video, voice, mobile, web streaming and file sharing technologies.