NEW YORK, March 29, 2019 (GLOBE NEWSWIRE) -- Presidio, Inc. (NASDAQ:PSDO), 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.
