Presidio Announces $800 Million Notes Offering
10 Janvier 2020 - 11:47PM
Presidio, Inc. (together with its subsidiaries, “Presidio,” the
“Company,” “our” or “we”), 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 its wholly-owned subsidiary,
Presidio Holdings Inc. (“Presidio Holdings”), intends to offer,
subject to market and other conditions, $400.0 million in aggregate
principal amount of new senior secured notes due 2027 (the “Secured
Notes”) and $400.0 million in aggregate principal amount of new
senior notes due 2028 (the “Unsecured Notes” and together with the
Secured Notes, the “Notes”) in a private offering. The Secured
Notes will be senior secured obligations of Presidio Holdings and
will be guaranteed by certain of its domestic subsidiaries. The
Unsecured Notes will be senior unsecured obligations of Presidio
Holdings and will be guaranteed by certain of its domestic
subsidiaries.
As previously announced, certain investment
funds advised by BC Partners Advisors, L.P. (“BC Partners”)
completed the acquisition of Presidio pursuant to an agreement and
plan of merger in an all-cash transaction valued at approximately
$2.2 billion, including Presidio’s net debt, on December 19, 2019
(the “Merger”). In connection with the consummation of the Merger,
we (i) borrowed $1,025.0 million under a new senior secured term
loan B facility (the “New Term Loan Facility”), (ii) entered into a
new $100.0 million senior secured revolving credit facility, (iii)
borrowed $400.0 million under a bridge loan facility (the “Bridge
Loan Facility”) and (iv) received a contribution of approximately
$855.0 million of equity from certain investment funds advised by
BC Partners. The proceeds from these financing transactions were
used to (i) finance the consummation of the Merger and related
transactions, (ii) repay in full all outstanding indebtedness under
our senior secured credit facilities, as in effect immediately
prior to the consummation of the Merger, and (iii) pay related
fees, costs, premiums and expenses in connection with these
transactions. As of the date of this press release, the Bridge Loan
Facility is fully drawn.
In order to finalize our post-Merger capital
structure, we intend to use the net proceeds of this offering to
(i) repay in full and terminate the Bridge Loan Facility, (ii)
repay approximately $400.0 million aggregate principal amount of
our New Term Loan Facility and (iii) pay related fees, costs,
premiums and expenses.
The Notes and related guarantees are being
offered only to qualified institutional buyers in reliance on Rule
144A under the Securities Act of 1933, as amended (the “Securities
Act”), or, outside the United States, to persons other than “U.S.
persons” in compliance with Regulation S under the Securities Act.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the Notes and related guarantees.
Any offers of the Notes and related guarantees will be made only by
means of a private offering memorandum. The Notes and related
guarantees have not been registered under the Securities Act, or
the securities laws of any other jurisdiction, and may not be
offered or sold in the United States absent registration or an
applicable exemption from registration requirements.
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 commercial and public sector 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, 2019, we serve
approximately 7,900 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
$3.0 billion dollar industry leader. We are passionate about
driving results for our clients and delivering the highest quality
of service in the industry.
ABOUT BC PARTNERS
BC Partners is a leading international
investment firm with over €22 billion of assets under management in
private equity, private credit and real estate. Established in
1986, BC Partners has played an active role in developing the
European buy-out market for three decades. Today, BC Partners
executives operate across markets as an integrated team through the
firm’s offices in North America and Europe. Since inception, BC
Partners Private Equity has completed 111 private equity
investments in companies with a total enterprise value of €135
billion and is currently investing its tenth private equity
fund.
Note Regarding Forward-Looking
Statements
This press release includes “forward-looking
statements” within the meaning of Section 27A of the Securities Act
and Section 21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements are subject to known and unknown risks
and uncertainties, many of which may be beyond our control. We
caution you that the forward-looking information presented in this
press release is not a guarantee of future events, and that actual
events may differ materially from those made in or suggested by the
forward-looking information contained in this press release. In
addition, forward-looking statements generally can be identified by
the use of forward-looking terminology such as “may,” “plan,”
“seek,” “comfortable with,” “will,” “expect,” “intend,” “estimate,”
“anticipate,” “believe” or “continue” or the negative thereof or
variations thereon or similar terminology. Any forward-looking
information presented herein is made only as of the date of this
press release, and we do not undertake any obligation to update or
revise any forward-looking information to reflect changes in
assumptions, the occurrence of unanticipated events, or
otherwise.
Source: Presidio, Inc.
CONTACT INFORMATION
Investor Relations Contact:Ed
Yuen866-232-3762investors@presidio.com
Media Relations Contact:Catherine
Johnson626-818-9287Pro-bcpartners@prosek.com
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