DG Systems Closes On New Credit Facility
February 16, 2006 at 7:17 AM (PT)
DG SYSTEMS has closed on a new $25 million two year senior secured revolving credit facility with WACHOVIA BANK N.A. The facility is replacing the previous $17 million facility with JOPMORGAN CHASE BANK, COMERICA BANK-CALIFORNIA, and METROBANK.
In a separate act, DG signed a commitment letter with WACHOVIA for a new $35 million credit facility ($20 million 5 year loan, $15 million in a three year revolver) to supplement the $25 million facility and allow the company to refinance the total outstanding debt of FASTCHANNEL NETWORKS, with which DG is merging and of whose debt DG is assuming $10 million.