Daily News: January 14, 2014

PNC, BankUnited Provide Intcomex Debt Refinancing

Intcomex announced that it closed on a $150 million revolving credit facility maturing in 2019 through PNC Bank and BankUnited. The company used a portion of the proceeds from the new credit facility to pay the $100 million outstanding aggregate principal amount of its 13 ¼% second priority senior notes due December 2014.

Concurrent with the closing of this transaction, the company received approximately $20 million in additional equity from its existing shareholders.

Intcomex expects the refinancing to generate substantial ongoing interest expense savings and gradually increase the Company’s overall liquidity.

“I am extremely pleased to complete this financing, which will allow Intcomex to achieve a significant improvement in overall profitability and enhance the Company’s cash flows from day one,” stated Intcomex’s president and chief executive officer, Michael Shalom. “This transaction will provide Intcomex with a solid and flexible foundation to finance its growth and continue its leadership position in the Latin American technology markets. I want to express my sincere appreciation to the talented teams at PNC Capital Markets, PNC Bank and BankUnited for their commitment and confidence in our Company. I also want to thank our vendor partners and shareholders for their continued support and investment in Intcomex,” continued Mr. Shalom.

PNC Capital Markets along with BankUnited are co-lead arrangers in the financing transaction.

Intcomex is a US-based distributor of information technology products to Latin America and the Caribbean.