BofA Agents PGI Facility Amendment Upsize to $500MM
Premiere Global Services 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.
According to a related 8-K filing, the lender group was led by Bank of America as administrative agent.
“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 demonstrates continuing confidence in our business model and will enable us to continue to invest and grow our business for the future.”
Atlanta-based Premiere Global Services has been a provider of collaboration software and services for over 20 years.