CapitalSource Agents $27.5MM Facility for Evolve IP
Cloud services company Evolve IP announced it has secured a $27.5 million senior secured loan facility with CapitalSource, as administrative agent and lead arranger.
DH Capital, served as exclusive financial advisor to Evolve IP in connection with the transaction and Cozen O’Connor served as Evolve IP’s counsel.
The proceeds of the loan will be used to refinance senior term debt and preferred equity and to provide capacity to fund future acquisitions and working capital for general corporate purposes. The $27.5 million loan facility provided by CapitalSource includes a $20.0 million term loan and a $7.5 million revolver.
“Evolve IP’s cloud services help customers avoid significant IT capital expenditures while providing them with greater scalability, stability and security,” commented Ryan Golding, managing director, Leveraged Finance at CapitalSource. “The firm’s systems are fully integrated and enable customers to shift their focus from purchasing and maintaining their IT infrastructure to running and growing their businesses.”
“We selected CapitalSource as our finance partner due to their depth of knowledge in the industry and reputation for reliability and dependability,” said Thomas J. Gravina, chairman, chief executive officer, and co-founder. “We truly appreciate the support from the CapitalSource team and the ease of execution they offered throughout the process.”