Intermedia Cloud Communications, a provider of intelligent cloud communications and collaboration applications, completed a $345 million refinancing of its balance sheet by entering into a new revolving credit facility and term loan with certain of its existing lenders. The new term loan, which along with the new revolving credit facility provides Intermedia with increased flexibility to invest in its business, has a maturity date due in April 2029.
The new revolving credit facility and term loan were arranged by the capital markets team at Intermedia’s investment partner, Madison Dearborn Partners, in collaboration with Intermedia’s management team. TD Securities is acting as the administrative agent on the new term loan.
“We are pleased to have the continued support of our lenders and believe this refinancing transaction underscores the strength of our growth strategy and the value of our products, our partner platform and our global infrastructure,” Michael Gold, CEO of Intermedia, said. “Our new financing facilities increase our financial flexibility as we continue to invest in our cloud communications and collaboration offerings and partner relationships. We look forward to executing our growth strategy with the ongoing support of our investment partners at Madison Dearborn Partners (MDP) and the added resources of our lenders.”
