Presidio, Inc. Announces Replacement of Revolving Credit Facility
29 Mars 2019 - 9:54PM
Presidio, Inc. (NASDAQ:PSDO) (together with its subsidiaries,
“Presidio” or the “Company”), a leading North American IT solutions
provider delivering Digital Infrastructure, Cloud and Security
solutions to create agile, secure infrastructure platforms for its
customers, announced today that it has successfully amended its
senior credit facility to establish $50 million of new revolving
facility commitments, having substantially the same terms as the
$50 million of existing revolving facility commitments that such
new commitments replaced, except with respect to interest rate and
maturity.
The interest rate applicable to the amended revolving facility
was reduced to 2.75% from 4.25% in the case of LIBOR loans, and
1.75% from 3.25% in the case of base rate loans, and the amended
revolving facility will mature on August 2, 2023, approximately 2.5
years later than the maturity date that was applicable to the
revolving facility. All other material provisions of the existing
credit facility remain unchanged.
"This extension and repricing of our revolver facility provides
us with liquidity and financial flexibility as we execute our
strategic growth initiatives," said Neil Johnston, CFO of Presidio.
"We appreciate the continued support of our lenders. The funding
capacity will benefit us as we continue to capitalize on our
favorable free cash flow profile to drive shareholder value."
ABOUT PRESIDIO
Presidio is a leading North American IT solutions provider
focused on Digital Infrastructure, Cloud and Security solutions to
create agile, secure infrastructure platforms for its customers. We
deliver this technology expertise through a full life cycle model
of professional, managed, and support services including strategy,
consulting, implementation and design. By taking the time to deeply
understand how our clients define success, we help them harness
technology advances, simplify IT complexity and optimize their
environments today while enabling future applications, user
experiences, and revenue models. As of June 30, 2018, we serve
approximately 8,000 middle-market, large, and government
organizations across a diverse range of industries. Approximately
2,900 Presidio professionals, including more than 1,600 technical
engineers, are based in 60+ offices across the United States in a
unique, local delivery model combined with the national scale of a
$2.8 billion dollar industry leader. We are passionate about
driving results for our clients and delivering the highest quality
of service in the industry.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995
This press release contains “forward looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. The use of words such as “anticipates,” “expects,” “intends,”
“plans” and “believes,” among others, generally identify
forward-looking statements. These forward-looking statements
include statements relating to: future financial performance,
business prospects and strategy, anticipated trends, prospects in
the industries in which our businesses operate and other similar
matters. These forward looking statements are based on management’s
current expectations and assumptions about future events, which are
inherently subject to uncertainties, risks and changes in
circumstances that are difficult to predict. Actual results could
differ materially from those contained in these forward looking
statements for a variety of reasons, including, among others: risks
and uncertainties related to the capital markets, changes in senior
management at Presidio, changes in our relationship with our vendor
partners, adverse changes in economic conditions, risks resulting
from a decreased demand for Presidio’s information technology
solutions, risks relating to rapid technological change in
Presidio’s industry, risks relating to the inability to realize the
full amount of our backlog and risks relating to acquisitions or
regulatory changes. Certain of these and other risks and
uncertainties are discussed in Presidio’s filings with the
Securities and Exchange Commission. Other unknown or unpredictable
factors that could also adversely affect our business, financial
condition and results of operations may arise from time to time. In
light of these risks and uncertainties, these forward looking
statements may not prove to be accurate. Accordingly, you should
not place undue reliance on these forward looking statements, which
only reflect the views of our management as of the date of this
press release. We do not undertake to update these forward-looking
statements.
Source: Presidio, Inc.
CONTACT INFORMATION
Investor Relations Contact:Ed
Yuen866-232-3762investors@presidio.com
Media Contact:Dori WhiteVice President of Corporate
Marketing212-324-4301doriwhite@presidio.com
Presidio (NASDAQ:PSDO)
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