Broader-based Backing Enhances Capital Flexibility and Scalability Expands Revolving Line of Credit
MCLEAN, Va.--(BUSINESS WIRE)--
GTT (NYSE MKT: GTT), a Tier 1 IP and Ethernet network provider to Enterprises, announced today that it has completed an expanded syndication of its senior credit facilities. GTT increased its revolving line-of-credit to $7.5 million from $5 million and the total amount of this financing to $72.5 million, increasing capital flexibility and supporting its growth objectives.
Webster Bank served as the lead arranger and administrative agent on the financing. As part of the syndication, Webster and GTT achieved broader-based commitments, expanding the syndicate to include: East West Bank, Fifth Third Bank, Brown Brothers Harriman and Co., BDCA Funding LLC, and Crescent Capital. The senior credit facilities now consist of a $65 million term loan and a $7.5 million revolving line-of-credit.
“With this strong bank group, we are well positioned to propel our growth, both organically and through acquisitions,” stated Richard D. Calder Jr., President and CEO of GTT. “We appreciate our lenders’ commitment as we extend our leadership position in the IP transit market and expand our service offerings for multinational enterprises.”
“Webster was delighted to be selected by GTT to underwrite its senior credit facility,” stated Andre Paquette, Senior Vice President of Webster Bank. “Exceptional lenders’ support led to an oversubscription and upsizing of the facility. Going forward, Webster and its lending partners are highly focused on providing the additional financing solutions necessary for GTT to execute its growth strategy.”
GTT operates a global Tier 1 IP network with the most interconnected Ethernet service platform around the world. We provide highly reliable, scalable and secure cloud networking services. Our clients trust us to deliver solutions with simplicity, speed, and agility that are unmatched by other network providers. For more information, please visit GTT at www.gtt.net.