|Day's range||0.00 - 0.00|
|PE ratio (TTM)||N/A|
|Dividend & yield||N/A (N/A)|
|1y target est||N/A|
Web conferencing provider Premiere Global Services (PGi) is considering a return to the loan market to reprice its debt and even add a little more to pay a dividend after struggling to sell the same buyout-related debt last year, illustrating growing demand for US leveraged loans. In May 2016, Barclays struggled to sell a US$550m loan backing PGi’s buyout by Siris Capital and sold at a discount of 90 cents on the dollar. The US$550m term loan is now trading near 99, allowing lenders to start discussions on repricing or refinancing the deal.
Layoffs are quickly following the purchase of Denver-based ReadyTalk by an Atlanta-based technology company. About 46 ReadyTalk employees have been notified their jobs are being eliminated, said new owner Premiere Global Services Inc. (PGi) late Wednesday, six days after it completed the purchase. “Our team is working to handle these transitions smoothly and with respect to the impacted associates,” Kayla Reed, a PGi spokeswoman, told the Denver Business Journal in an email.
Banks that funded private equity firm Siris Capital Group's 2015 acquisition of web conferencing provider Premiere Global Services Inc (NYSE: PGI - news) are expected to return to market on Thursday with a new credit facility tied to the buyout, sources said. The new credit facility consists of a US$550m six-year facility and a US$50m five-year revolving credit facility. The banks led the original proposed financing and provided the original commitments for the buyout, which included a US$500m first-lien loan, a US$150m second-lien loan and a US$50m revolver.