Daily News: October 24, 2014

White Oak Agents Cloud Services Provider Term Loan

White Oak Global Advisors has provided a $13 million senior secured term loan to a privately-held cloud storage provider specializing in remote data backup and disaster recovery services.

White Oak served as administrative agent and sole lender for this transaction.

Located in the Northeastern United States, the company implements both proprietary and third-party cloud storage platform solutions to service small and medium-sized businesses. The clients of the company include end users, managed service providers, value-added resellers and distributors or master cloud service providers.

The proceeds of the financing will be used to refinance existing indebtedness, which will facilitate an acquisition whereby the company will operate as a fully-owned subsidiary of a publicly traded firm.