Plantation, FL, June 20, 2009 --(PR.com
)-- PRC, LLC, a leading provider of outsourced customer contact management services, announced today that it has completed a refinancing of its First Lien Debt with a new $40 million Loan and Security Agreement with Regions Bank. According to Steve Richards, Chief Executive Officer for PRC, “The new loan facility strengthens PRC’s capabilities to finance its strategy for profitable growth, provides liquidity and flexibility for expansion and reduces financing costs.”
The completion of the refinancing agreement with Regions Bank is a strong indicator of the company’s success. “Given the difficult economic environment for obtaining financing, PRC’s ability to complete this transaction with such attractive terms sends a strong signal to all our business partners,” stated Tom Garrett, the company’s Executive Vice President and Chief Financial Officer.
PRC used available cash and the new facility to pay off the existing First Lien term loan and to make early payments to its Second Lien lenders, thereby reducing higher cost debt on its balance sheet.
Richards expressed optimism for the company’s future and said PRC’s ability to attract new business in 2009 has been encouraging. “We are delighted with our progress and are grateful for the support of our worldwide customer base, the dedication of our employees, and now the vote of confidence of a leading US bank in sharing our vision of being a global leader in outsourced business solutions,” Richards commented. “We look forward to many years of banking partnership with Regions Bank as we pursue excellence and growth together,” continued Richards.