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PCS Wireless Secures $100MM Financing Commitment From White Oak

March 20, 2015, 07:47 AM
Filed Under: Technology

PCS Wireless (PCS), a leading global remanufacturer and distributor of mobile devices, today announced it has positioned itself for continued major expansion, with a $100 million senior-secured loan facility through White Oak Global Advisors LLC, a specialty finance company offering customized lending products and services to corporate clients across all sectors.

The senior-secured credit facility marks the first time PCS has turned to the capital markets for financing. PCS has experienced tremendous success to-date as a self-financed entity, more than doubling its revenue in each of the past two years to $330 million in 2013 and $740 million in 2014. Aided by financing that will allow the company to increase purchasing power, PCS expects to surpass revenue of $1 billion in 2015. The owners of PCS have other operating investment interests in the industry which along with PCS will total roughly $2.5 billion in 2015.

“This financing marks the start of an exciting new chapter for PCS Wireless,” said Ben Nash, co-founder and chief executive officer of PCS. “Looking back at the incredible growth we have achieved over the past three years, it was clear this is the optimal time for a bold move that will take PCS to the next level. We look forward to continuing to build on our extraordinary success as we pursue an ambitious growth strategy.”

Tom Otte of White Oak commented, “We are very excited to be working with PCS on achieving its growth strategy and believe that this additional financing will help them to continue their impressive success story.”

PCS specializes in the recovery, remanufacturing and distribution of smartphones and tablets. The infusion of capital will enable PCS to increase its inventory significantly, thereby creating opportunities to forge new strategic partnerships with device manufacturers, telecom providers, retailers and distributors.

White Oak Global Advisors, LLC, is an SEC-registered investment adviser that directly originates private debt financings to middle market companies to support growth initiatives. White Oak's product suite includes asset-based secured term loans and credit facilities, cash flow based term loans, unitranche facilities, rescue and debtor-in-possession (DIP) financings, in/out of court restructurings, acquisition and capital expenditure facilities and other structured finance instruments.

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