Refinancing Underscores Strength of Cloud Communications and Collaboration Provider’s Growth Strategy and Provides Intermedia with Increased Flexibility to Continue to Invest in Business; Transaction with Existing Lenders Includes New Upsized Term Loan and Extended Maturity Date Due in April 2029
Intermedia Cloud Communications, a leading global provider of intelligent cloud communications and collaboration applications to businesses and the partners that serve them, announced that it has completed a $345 million refinancing of its balance sheet by entering into a new revolving credit facility and term loan with certain of its existing lenders. The new term loan, which along with the new revolving credit facility provides Intermedia with increased flexibility to invest in its business, has a maturity date due in April 2029. The refinancing was made possible as a result of Intermedia’s strong financial performance, including high growth in its revenue and profitability.
“We are pleased to have the continued support of our lenders and believe this refinancing transaction underscores the strength of our growth strategy and the value of our products, our partner platform and our global infrastructure,” said Michael Gold, CEO of Intermedia. “Our new financing facilities increase our financial flexibility as we continue to invest in our cloud communications and collaboration offerings and partner relationships. We look forward to executing our growth strategy with the ongoing support of our investment partners at Madison Dearborn Partners (MDP) and the added resources of our lenders.”
As businesses increasingly transition from outdated on-premises communications systems to agile cloud solutions, Intermedia’s position in the market continues to strengthen. With a growing base of 140,000 businesses served and over 7,500 channel partners worldwide, Intermedia is at the forefront of providing modern, reliable, and secure cloud solutions to meet evolving business needs.
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The company’s strategic focus on its partner go-to-market approach has yielded notable successes in numerous sectors, including healthcare, automotive, legal, financial services, education, and government. Furthermore, investments in product innovation, including generative AI, and a commitment to delivering a tightly integrated, all-in-one, highly secure, versatile, and reliable platform continue to differentiate Intermedia’s offerings in the market.
The new revolving credit facility and term loan were arranged by the Capital Markets Team at Intermedia’s investment partner, MDP, in collaboration with Intermedia’s management team. TD Securities is acting as the administrative agent on the new term loan.
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