JPMorgan Agents Vonage Credit Facility Expansion
Capitalizing on the low interest rate environment and its strong financial position, Vonage Holdings has closed on an expanded $225 million credit facility. The new debt agreement provides increased financial and strategic flexibility for investments in growth, including acquisitions.
The lenders under the credit facility are JPMorgan Chase Bank, which also acted as administrative agent, Citizens Bank, Silicon Valley Bank, SunTrust Bank, Fifth Third Bank, KeyBank and MUFG Union Bank.
The new facility consists of a four-year, $100 million senior secured term loan and a $125 million revolving credit facility. The company used $90 million of the proceeds of the term loan to retire all current debt under its prior facility.
Vonage is a provider of communications services.