for a recap of the biggest channel-impacting mergers and acquisitions from Q2 2012.**
Birch Communications, an IP-based telecom and managed services provider to small- and medium-sized businesses, on Monday announced completing its refinancing.
The Atlanta-based company said it would use the financing to retire debt, support expansion of its network and fund future acquisitions.
Birch has secured up to $110 million in financing. Specifically, it has obtained a $40 million senior term loan, a senior revolving credit facility with up to $35 million and $15 million of subordinated debt. The company also noted it has the option to increase the senior credit facility by $20 million.
“This is a transformative refinancing for us and it will further strengthen our capital structure, lower our overall cost of debt, increase our free cash flow and provide us with substantial flexibility to pursue opportunities to grow our enterprise,” said Edward James, Birch’s senior vice president and chief financial officer, in a statement.
Earlier this month, Birch announced completing “the best organic sales quarter in its 16-year history.” For the quarter ending June 30, organic sales increased 18 percent versus the year-earlier period, said the company, which didn’t disclose specific revenues.
Shares of privately owned Birch are “held by a small group of individuals,” according to Birch Director of Marketing Greg Corwin.
.@Twilio names new channel exec after the unexpected passing of Ron Huddleston in October. goo.gl/fb/nbVk6h
January 22 2019 @ 22:01:08 UTC