Daily News: August 16, 2013

Phoenix Advises Globe Wireless’ Facility With WFCF

Phoenix Management Services said it served as exclusive restructuring financial advisor in arranging, structuring and negotiating the refinancing for Globe Wireless, a provider of satellite communications and information technology services to the commercial maritime industry worldwide.

Phoenix was engaged by the company to secure a new senior credit facility consisting of a revolving line of credit and a term loan secured by real estate. Phoenix took immediate control of the refinancing process. Phoenix put together a detailed, clear and concise financial package that the prospective asset based lender could easily review and then take to its credit committee to seek approval.

Despite the company’s continued losses, Phoenix’s efforts resulted completing a $15.8 million transaction that refinanced Globe’s senior debt. The transaction consisted of: a new $15 million revolving credit facility with Wells Fargo Capital Finance secured by the company’s receivables and inventory; and, 2) a new $839,000 term loan from Wells Fargo Capital Finance secured by the company’s real estate.

Vincent J. Colistra, senior managing director and shareholder of Phoenix, said: “This refinancing required a hands-on, operationally focused restructuring advisor. Our firm’s unique skill set combined with the credibility and audience we have with Wells Fargo was critical in the completion of the Globe refinancing. The company is in a significantly improved position with Wells today as a direct result of our ability to bring an innovative structure to the table. This was a tough deal for sure, but this is what Phoenix can bring to the equation, and really deliver value to our clients.”