i
Total Success Methodology
i About
Us
i
Board of Directors
i
Technical
Expertise
i
Press
Releases
i
Events
i
Awards
i
Case Studies
& White Papers
i
Request
More Info
|
Presidio, Inc. Completes New $240 Million Financing Package
Securitization structure provides efficient capital for growth
Greenbelt, MD - May 20, 2008 -Presidio, Inc. announced that it has closed on a new $240 million financing package comprised of a $115 million revolving credit facility and a $125 million receivables securitization facility. The transaction positions Presidio to expand its leadership position in providing IT Infrastructure Lifecycle Solutions in both networking and advanced technology to enterprise, commercial and government customers.
Presidio Chairman and Chief Executive Officer Joel Schleicher stated, "This three-plus-year facility significantly increases our financial flexibility, allowing Presidio to take advantage of strategic acquisition opportunities and to fund our continuing internal expansion. Presidio has experienced exceptional growth, both organically and through acquisition, and built off of our strong relationships with our key vendor and financial partners. The new receivable securitization vehicle is more cost-effective than traditional funding and is scalable to serve the evolving and growing needs of the business.”
The accounts receivable securitization was provided by Market Street Funding LLC, PNC’s commercial paper conduit, and the revolving credit facility was arranged by PNC Capital Markets and JP Morgan Securities.
“The complexity of this financing package was unique for a mid-size company like Presidio,” said Joseph Meterchick, senior vice president of PNC’s corporate banking. “The securitized debt has a lower interest rate cost, it increases the company’s liquidity and diversifies its funding sources.”
Over the past five years, Presidio has focused on building a breadth of professional services and engineering skills in support of the planning, design, integration, operation, and optimization of complex enterprise solutions such as unified communications, advanced network transport, data and storage management, network security and IP infrastructure systems.
According to Paul Fletcher, Executive Vice President and Chief Financial Officer of Presidio, the new financing package reflects Presidio’s continued strong operating and financial performance. "We are pleased by the support and confidence that the banking community has placed in Presidio, especially in light of today’s difficult credit markets,” said Fletcher.
About the Presidio Networked Solutions
Presidio Inc., a diversified provider of information technology infrastructure and services, operates through three subsidiaries: Presidio Networked Solutions, Atlantix Global Systems, and Solarcom Capital. Presidio Networked Solutions addresses the complete technology lifecycle – plan, design, integrate, operate and optimize – for the enterprise, commercial and government markets. Atlantix Global Systems combines hardware and services to help provide more than 10,000 customers with a full lifecycle management process that enables customers to save time and maximize ROI. Solarcom Capital is the nation’s premier IT infrastructure leasing company, providing flexible financing and leasing solutions for its customers.
# # #
The name Presidio is a trademark of Presidio Inc. Other trade names used in this document are acknowledged to be the properties of their respective owners.
|
 |
 |