Boston – July 24, 2012 – Crystal Financial LLC, an independent commercial finance company, announced today that it has served as the Co-Arranger on a $165 million senior secured term loan facility to MegaPath, Inc., a portfolio company of Platinum Equity. The proceeds of the loan were used to refinance existing debt.
“Supporting middle market companies and private equity sponsors with flexible and timely financial alternatives is a core capability of Crystal’s business model,” said Stephen Krawchuk, Managing Director with Crystal Financial. “We are pleased the financing came together so well and that we were able to find a solution that met MegaPath’s objectives.”
MegaPath is a leading national provider of bundled managed services and IP broadband access solutions for small-to-medium sized businesses, as well as enterprise level customers.
“Crystal understood our goals and helped deliver a financing package that will optimize MegaPath’s debt capital structure,” said Adam Cooper, Senior Vice President at Platinum Equity. “This refinancing will reduce the company’s cost of capital as MegaPath continues focusing on efforts to grow and expand its business through the development of new products and investment in its national network.”
Utilizing its state-of-the-art MPLS network, MegaPath serves over 60,000 customers in 44 states and 235 major metropolitan areas. Working with MegaPath, customers have access to a full range of high speed and cost effective access products which are bundled with VoIP, security and managed services, across one of the largest Ethernet, DSL and T-1 footprints in North America.
About Crystal Financial
Crystal Financial is an independent commercial finance company that provides senior and junior secured revolvers and term loans for both asset-based and cash flow financings ($10 million to $150 million) to middle-market companies. Its team of experienced, responsive professionals have underwritten, closed and managed more than $20 billion in secured debt commitments across a wide range of industries. For more information and media contacts, please visit www.crystalfinco.com.