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August 02, 2015 8:58 PM ET

Internet Software and Services

Company Overview of ModusLink Corporation

Company Overview

ModusLink Corporation provides cloud-based supply chain management and logistics solutions. It offers technology and fulfillment solutions that include cloud-based E-Commerce platform that integrates with global payment, CRM, and fulfillment systems; entitlement management solution that enables users to manage access rights to intellectual property, content, and services for products on premise or in the cloud; financial management solution that helps merchants expand their global footprint and find new opportunities by tackling country and industry-specific payment challenges; and repair and recovery solutions. The company also provides value-added warehousing and distribution solution that...

1100 Winter Street

Suite 4600

Waltham, MA 02451

United States

Founded in 1997





Key Executives for ModusLink Corporation

Chief Executive Officer
Age: 56
Director of Operations, Process Strategy and Implementation
President of Global Operations
Age: 57
Senior Vice President of Supply Base Management
Chief Commercial Officer and Executive Vice President
Age: 56
Compensation as of Fiscal Year 2015.

ModusLink Corporation Key Developments

Moduslink Corporation Appoints Nick Foy as Director of Operations, Process Strategy and Implementation

ModusLink Corporation announced that Nick Foy joined the company as director of operations, process strategy and implementation. In this position, Foy will lead global process excellence, the development and roll-out of e-fulfillment capabilities and the implementation of Lean concepts within operations worldwide. Previously, Foy was the Senior Manager of Innovation and Customer Experience for Amazon. While there, he worked with the strategy and implementation processes for the group, helping to create new delivery services for ultra-fast delivery (Amazon Prime Now), new ground-breaking delivery service solutions for same-day delivery and trialed prototypes for grocery delivery, which helped Amazon reduce cost per delivery.

ModusLink Corporation Names Steve Harrington Vice President of Marketing

ModusLink Corporation announced that Steve Harrington joined the company as Vice President of Marketing. In this position, Harrington is responsible for increasing awareness of ModusLink as an innovator in global supply chain management and showcasing why successful companies looking to rapidly expand their global presence have turned to ModusLink for help. Previously, Harrington was Vice President of Marketing for Extreme Networks Inc., where he led the organization through several integrated marketing campaigns, building up a strong pipeline of leads and driving greater brand awareness.

ModusLink Corporation and ModusLink PTS, Inc. Enter into Revolving Credit and Security Agreement

On June 30, 2014, two direct and wholly owned subsidiaries of ModusLink Global Solutions, Inc. - ModusLink Corporation and ModusLink PTS, Inc. (collectively, the Borrowers) - and certain subsidiaries of the Borrowers, entered into a revolving credit and security agreement, as borrowers and guarantors, with PNC Bank, National Association, as lender and as agent (the Agent). The Credit Agreement which has a five year term, includes a maximum credit commitment of $50.0 million, is available for letters of credit (with a sublimit of $5.0 million) and has a $20.0 million uncommitted accordion feature. The actual maximum credit available under the Credit Agreement varies from time to time and is determined by calculating the applicable borrowing base, which is based upon applicable percentages of the values of eligible accounts receivable and eligible inventory minus reserves determined by the Agent (including other reserves that the Agent may establish from time to time in its permitted discretion), all as specified in the Credit Agreement. Amounts borrowed under the Credit Agreement are due and payable, together with all unpaid interest, fees and other obligations, on June 30, 2019. Generally, borrowings under the Credit Agreement bear interest at a rate per annum equal to, at the Borrowers' option, either (a) LIBOR (adjusted to reflect any required bank reserves) for an interest period equal to one, two or three months (as selected by the Borrowers) plus a margin of 2.25% per annum or (b) a base rate determined by reference to the highest of (1) the base commercial lending rate publicly announced from time to time by PNC Bank, National Association, (2) the sum of the Federal Funds Open Rate in effect on such day plus 0.5% per annum, or (3) the LIBOR rate (adjusted to reflect any required bank reserves) in effect on such day plus 1.00% per annum. In addition to paying interest on outstanding principal under the Credit Agreement, the Borrowers are required to pay a commitment fee, in respect of the unutilized commitments thereunder, of 0.25% per annum, paid quarterly in arrears. The Borrowers are also required to pay a customary letter of credit fee equal to the applicable margin on revolving credit LIBOR loans and fronting fees. Obligations under the Credit Agreement are guaranteed by the Borrowers' existing and future direct and indirect wholly-owned domestic subsidiaries, subject to certain limited exceptions; and the Credit Agreement is secured by security interests in substantially all the Borrowers' assets and the assets of each subsidiary guarantor, whether owned as of the closing or thereafter acquired, including a pledge of 100.0% of the equity interests of each subsidiary guarantor that is a domestic entity (subject to certain limited exceptions) and 65.0% of the voting equity interests of any direct first tier foreign entity owned by either Borrower or by a subsidiary guarantor. The company is not a borrower or a guarantor under the Credit Agreement. The Credit Agreement contains certain customary negative covenants, which include limitations on mergers and acquisitions, the sale of assets, liens, guarantees, investments, loans, capital expenditures, dividends, indebtedness, changes in the nature of business, transactions with affiliates, the creation of subsidiaries, changes in fiscal year and accounting practices, changes to governing documents, compliance with certain statutes, and prepayments of certain indebtedness. The Credit Agreement also contains certain customary affirmative covenants (including periodic reporting obligations) and events of default, including upon a change of control. The Credit Agreement requires compliance with certain financial covenants providing for maintenance of specified liquidity, maintenance of a minimum fixed charge coverage ratio and/or maintenance of a maximum leverage ratio following the occurrence of certain events and/or prior to taking certain actions, all as more fully described in the Credit Agreement. The company believes that the Credit Agreement provides greater financial flexibility to the Company and the Borrowers and may enhance their ability to consummate one or several larger and/or more attractive acquisitions and should provide its clients and/or potential clients with greater confidence in the Company's and the Borrowers' liquidity.

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