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Redknee Extends Credit Agreement With Wells Fargo Capital Finance to $50MM

April 01, 2013, 07:53 AM
Filed Under: Technology

Redknee Solutions Inc., a provider of business-critical software and solutions for communications service providers announced that its wholly-owned subsidiary, Redknee Inc., has entered into an amended and restated credit agreement with Wells Fargo Capital Finance to add to its existing senior secured credit facility (which provided for a US$20 million revolving line of credit) with two new term loan facilities in the amount of $15 million each, for a total credit facility of $50 million.

Redknee Inc. will use the credit facilities for working capital, general corporate purposes, capital expenditures and for potential acquisitions. The credit facilities are secured by the assets of Redknee Inc., Redknee Solutions (UK) Limited (Redknee UK) and Redknee Germany GmbH (Redknee Germany). The Company, Redknee UK, and Redknee Germany have guaranteed the obligations of Redknee Inc. The company's guarantee is secured by a pledge of all of its shares in Redknee Inc.

"This expanded credit facility provides Redknee with the financial flexibility to execute on our growth strategy, as we build one of the largest independent real-time monetization and subscriber management software companies for communications service providers," said Lucas Skoczkowski, CEO of Redknee Solutions. "We believe that Redknee is primed to capitalize on mobile data growth and emerging Software-as-a-Service opportunities, while enabling our customers to gain a competitive advantage. We appreciate Wells Fargo Capital Finance's continued support as we position Redknee for long-term growth of recurring revenues and profitability."

"We are pleased to have completed such important financing for Redknee," said John Leonard, division manager of the Technology Finance division of Wells Fargo Capital Finance. "We are proud to have been able to work with Redknee's senior management team and look forward to supporting their plans for successful business growth."

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