Premiere increases facility to $300 million, extends due date to 2016

By Marisa Wong

Madison, Wis., Dec. 20 - Premiere Global Services, Inc. closed on an amendment to its credit facility on Tuesday, according to an 8-K filing with the Securities and Exchange Commission.

The amendment increases the facility to $300 million from $275 million and extends the maturity to Dec. 20, 2016 from May 10, 2014.

Interest, which is based on leverage, was lowered to a range of Libor plus 175 basis points to 275 bps from Libor plus 200 bps to 300 bps.

The amendment also allows Premiere to purchase, redeem or acquire up to $50 million of its common stock per year, regardless of its leverage ratio.

"We are pleased to have extended the term of our credit facility, providing us greater flexibility while also improving our cost of capital," said Boland T. Jones, Premiere's founder, chairman and chief executive officer, in a press release.

"We believe this revised facility, along with our continuing strong cash flows, will enable [Premiere] to invest in and grow our business for many years to come."

Bank of America, NA is the administrative agent.

Premiere Global is an Atlanta-based provider of meeting and collaboration services.

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