UniTek Global Services, Inc. Closes $75 Million Asset-Based Revolving Credit
BLUE BELL, Pa., July 11, 2013 (GLOBE NEWSWIRE) -- UniTek Global Services, Inc.
("UniTek" or the "Company") (Nasdaq:UNTK), a premier provider of permanently
outsourced infrastructure services to the telecommunications, broadband cable,
wireless, transportation, public safety and satellite television industries,
today announced that it has closed the previously announced $75 million
asset-based revolving credit facility ("ABL Facility") with Apollo Investment
The funds available under the ABL Facility will be used to replace UniTek's
previous Revolving Credit and Security Agreement dated April 15, 2011.
Additionally, the ABL Facility increases the Company's borrowing availability
as compared to its previous revolving credit facility by $30 million through
October 31, 2013, $25 million from November 1, 2013 through November 30, 2013
and $20 million thereafter.
Rocky Romanella, Chief Executive Officer of UniTek, commented: "Securing this
ABL Facility provides us with additional liquidity as we continue working to
refinance the remainder of our outstanding debt. Completion of the ABL is an
important step for us, and speaks to the tireless efforts of our employees
over the last several months. We are advancing other key initiatives related
to the completion of the audit and refinancing of our term loan, and look
forward to completing this process and rededicating ourselves to the long-term
growth of the Company."
About UniTek Global Services
UniTek Global Services is a provider of engineering, construction management
and installation fulfillment services to companies specializing in the
telecommunications, broadband cable, wireless, two-way radio, transportation,
public safety and satellite industries. UniTek has created a scalable
operating platform, enabling each UniTek subsidiary to deliver quality
services to its Fortune 200 customers. www.unitekglobalservices.com.
The statements in this press release that are not historical fact are
forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. Forward-looking statements include statements concerning
plans, objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than statements of
historical facts, including but not limited to statements regarding the
Company's plans to negotiate and enter into definitive documents for the ABL
facility, to replace the existing Revolving Credit and Security Agreement, to
achieve an expanded Company's borrowing base, to obtain greater financial
flexibility as the Company continues to explore refinancing alternatives for
its outstanding indebtedness, to explore refinancing alternatives; and to file
historical financial results, including restatements of previously issued
financial statements. These statements are subject to uncertainties and risks
including, but not limited to, operating performance, general financial,
economic, and political conditions affecting the Company's business and its
target industries, the ability of the Company to perform its obligations under
its contracts and agreements with customers and other risks contained in
reports filed by the Company with the Securities and Exchange Commission,
including in our Form 10-K for the year ended December 31, 2011. The words
"may," "could," "should," "would," "believe," "are confident," "anticipate,"
"estimate," "expect," "intend," "plan," "aspire," and similar expressions are
intended to identify forward-looking statements. All such statements are made
in good faith by the Company pursuant to the "safe harbor" provisions of the
Private Securities Litigation Reform Act of 1995. The Company does not
undertake to update any forward looking statement, whether written or oral,
which may be made from time to time by or on behalf of the Company, except as
may be required by applicable law or regulations.
CONTACT: The Piacente Group | Investor Relations
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