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NewsRedwood Advises Birch in Debt Offering06.23.10
This debt offering includes the Company's working capital facility and senior secured notes which have a combined value of $60 million in funded or committed capital. The working capital facility was provided by Silicon Valley Bank and the lenders providing the senior secured financing include PennantPark Investment Corporation and TICC Capital Corporation. "The progress in our financing initiatives underscores the fact that the financial markets are confident about Birch's fundamental stability and growth potential," noted Edward James, Birch's chief financial officer. Birch will use the net proceeds from this private debt offering to repay outstanding indebtedness and for general corporate purposes, including future acquisitions. "This funding affirms and further enables our efforts to continue to execute on our dual corporate strategy of building out the Birch IP network, which increases our operating margins, as well as completing additional highly-accretive acquisitions," said Vincent M. Oddo, Birch's president and chief executive officer. Redwood Capital acted as financial advisor to Birch Communications in connection with the senior secured notes offering. About Birch Communications About Redwood Capital Group Public Relations |
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Atlanta, GA – Birch Communications, Inc. ("Birch") announced today that it has completed a private debt offering that was previously announced in November 2009. This private debt offering is exempt from the registration requirements of the Securities Act of 1933.