Casa Systems Announces Successful Completion of Previously Announced Refinancing and Extension Transaction for its Term Loan B Senior Secured Debt
16 6월 2023 - 6:39AM
Casa Systems, Inc. (NASDAQ: CASA) (“Casa Systems” or “the
Company”), a leading provider of cloud-native software and physical
broadband technology solutions for access, cable, and cloud, today
announced the successful consummation of the transactions
contemplated by the previously announced Transaction Support
Agreement regarding the refinancing of the Company’s existing Term
Loan B senior secured debt (the “Refinancing Transaction”),
including:
- Participation of 97.8% ($218.8
million) of Lenders holding its existing Term Loan B debt in the
new extended facility with scheduled maturity in December 2027 (the
“2027 TLB Debt”).
- Resulting 2027 TLB Debt of $178.8
million includes $40 million paydown at close.
- Remaining 2.2% ($5.0 million) of the
Company’s existing Term Loan B expected to be paid at maturity in
December 2023.
“We are delighted with the successful refinancing and formal
closing of our Term Loan B debt facility that was originally
scheduled to mature in December 2023,” said Edward Durkin, Casa
Systems’ Chief Financial Officer and Interim Chief Executive
Officer. “We believe the approximate 98% participation by Lenders
is validation of our strong business fundamentals and future plans.
With this important refinancing now behind us, we believe we now
have the financial flexibility to execute on our strategic plan and
achieve our goal of returning to top-line growth and positive net
adjusted EBITDA while also enhancing shareholder value. Over the
past nine months, we reduced debt by over $90M, and we remain
focused on continued deleveraging, while also achieving our growth
and EBITDA profitability objectives for 2023 and beyond.”
Additional information with respect to the 2027 TLB Debt
regarding the economics, covenants, and conditions applicable
thereto will be made available in a Current Report on Form 8-K that
will be filed with the Securities and Exchange Commission.
Sidley Austin LLP and Goodwin Procter LLP are serving as
legal counsel to the Company in connection with the Refinancing
Transaction. JPMorgan Chase Bank, N.A. is serving as lead
arranger for the Refinancing Transaction and is represented
by Simpson Thacher & Bartlett LLP.
Safe Harbor Statement
This press release contains forward-looking statements within
the meaning of The Private Securities Litigation Reform Act of
1995. All statements other than statements of historical fact
contained in this press release, business strategy, and plans and
objectives for future operations, are forward-looking statements.
The words “anticipate,” “believe,” “continue,” “could,” “estimate,”
“expect,” “intend,” “may,” “are optimistic,” “plan,” “potential,”
“predict,” “project,” “target,” “should,” “will,” “would,” and
similar expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain
these identifying words. We have based these forward-looking
statements on our current expectations and projections about future
events and financial trends that we believe may affect our
financial condition, results of operations, business strategy,
short-term and long-term business operations and objectives, and
financial needs as of the date of this press release. A number of
important risk factors could cause actual results to differ
materially from the results described, implied or projected in
these forward-looking statements. These factors include, without
limitation: (1) our ability to comply with all covenants,
agreements and conditions under our credit facility; (2) our
ability to fulfill our customers’ orders due to supply chain
delays, access to key commodities or technologies or events that
impact our manufacturers or their suppliers, including the
lingering effects of the COVID-19 pandemic; (3) any failure by us
to successfully anticipate technological shifts, market needs and
opportunities, and develop new products and product enhancements
that meet those technological shifts, needs and opportunities; (4)
the concentration of a substantial portion of our revenue in
certain customers; (5) fluctuations in our revenue due to timing of
large orders and seasonality; (6) the length and lack of
predictability of our sales cycle; (7) any difficulties we may face
in expanding our platform into the wireless market; (8) any failure
to maintain the synergies we have realized from our acquisition of
NetComm Wireless Pty Ltd.; (9) increases or decreases in our
expenses caused by fluctuations in foreign currency exchange rates
and interest rates; (10) our ability to effectively transition our
chief executive officer role; and (11) other factors discussed in
the “Risk Factors” section of our public reports filed with
the Securities and Exchange Commission (the “SEC”),
including our most recent Quarterly Report on Form 10-Q and our
most recent Annual Report on Form 10-K, which are on file with
the SEC and available in the investor relations section
of our website at http://investors.casa-systems.com and
on the SEC’s website at www.sec.gov. In addition, we operate
in a very competitive and rapidly changing environment. New risks
emerge from time to time. It is not possible for our management to
predict all risks, nor can we assess the impact of all factors on
our business or the extent to which any factor, or combination of
factors, may cause actual results to differ materially from those
contained in any forward-looking statements that we may make. In
light of these risks, uncertainties and assumptions, the
forward-looking events and circumstances discussed in this press
release are inherently uncertain and may not occur, and actual
results could differ materially and adversely from those
anticipated or implied in the forward-looking statements.
Accordingly, you should not rely upon forward-looking statements as
predictions of future events. We disclaim any obligation to update
publicly or revise any forward-looking statements for any reason
after the date of this press release. Any reference to our website
address in this press release is intended to be an inactive textual
reference only and not an active hyperlink.
About Casa Systems, Inc.
Casa Systems, Inc. (Nasdaq: CASA) delivers the
core-to-customer building blocks to speed 5G transformation with
future-proof solutions and cutting-edge bandwidth for all access
types. In today’s increasingly personalized world, Casa
Systems creates disruptive architectures built specifically to
meet the needs of service provider networks. Our suite of open,
cloud-native network solutions unlocks new ways for service
providers to build networks without boundaries and maximize
revenue-generating capabilities. Commercially deployed in more than
70 countries, Casa Systems serves over 475 Tier 1 and
regional communications service providers worldwide. For more
information, visit http://www.casa-systems.com.
CONTACT INFORMATION:IR
ContactsDennis DalyCasa Systems978-688-6706 ext.
6310investorrelations@casa-systems.com
or
Mike Cummings or Jackie MarcusAlpha IR
Group617-466-9257 investorrelations@casa-systems.com
Source: Casa Systems
Casa Systems (NASDAQ:CASA)
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