VG gapped open to a level not seen since 2007, after reporting Q2.
Adj EBITDA $28m.
From the 8-K today:
New Credit Facility
On July 27, the Company closed on an expanded $350 million credit facility. This new facility is a reflection of Vonage’s strong cash flow generation and provides a lower cost of capital, while increasing the Company’s financial and strategic flexibility for investments in growth, including additional acquisitions in the UCaaS sector.
The new facility consists of a four-year, $100 million senior secured term loan bearing interest at a maximum of LIBOR plus 3%, and a $250 million revolving credit facility bearing the same maximum interest on drawn amounts. The Company used $167 million of the proceeds from the new facility to retire all current debt under its prior $225 million facility.
The lenders under the credit facility are JPMorgan Chase Bank, N.A., which also acted as administrative agent, Citizens Bank, N.A., Fifth Third Bank, MUFG Union Bank, SunTrust Bank, Silicon Valley Bank, Santander, Keybank National Association, Capital One and First Niagara. |
