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Pareteum Concludes Amendment to Credit Agreement
August 26, 2019
Source: PR Newswire
Pareteum agrees on Amendment with senior lender Post Road Group for additional cash drawdown and future flexibility
Pareteum Corporation (Nasdaq: TEUM), the rapidly growing cloud communications platform company, today announced that it has successfully concluded an Amendment to the Credit Agreement dated February 26, 2019, with its senior secured lender, Post Road Group.
The Amendment includes a drawdown of $2.5 million, which the company will use for general business purposes. The active debt facility is available for further drawdowns to be used for general business and growth opportunities.
Pareteum Executive Chairman and CEO Hal Turner commented: "We are pleased to conclude this Amendment, which puts the company on a firm footing for our ambitious growth strategies that will continue to be executed this quarter and beyond. The additional flexibility afforded by this Amendment ensures we are able to be as agile and responsive in our corporate development activities as we are for our customers."
Pareteum Chief Operation Officer Denis McCarthy explained: "We are very pleased to continue to work closely with Post Road Group to help fund our continued acceleration of customer deployments as well as fund our aggressive expansion plans."
About Pareteum Corporation:
Millions of people and devices are connected around the world using Pareteum's Global Cloud Communications Platform, enhancing their mobile experience. Pareteum unleashes the power of applications and mobile services, bringing secure, ubiquitous, scalable, and seamlessly available voice, video, SMS/text messaging, and data, media and content enablement to our customers, making worldwide communications services easily and economically accessible to everyone. By harnessing the value of our cloud communications platform, Pareteum serves enterprises, communications service providers, early stage innovators, developers, IoT, and telecommunications infrastructure providers. Pareteum envisions a new mobile communications experience imagining what will be, and delivering now. Pareteum currently has offices in North America, South America, Spain, Bahrain, Singapore, India, Indonesia, Germany, Belgium, United Kingdom, Russia, and the Netherlands. For more information please visit: www.pareteum.com.
About Post Road Group:
Post Road Group is a private investment firm located in Stamford, Connecticut. The firm deploys three complementary strategies: Corporate Special Opportunity Investing, Multi-family Ownership, and Real Estate Finance. Since its founding in 2015, Post Road Group has completed over $750 million of investments.
Post Road's Special Opportunity Fund I invests in middle-market private debt and equity investments, with a focus on the telecommunications, media and technology ("TMT"), business service, and healthcare service industries. The firm provides companies with flexible capital for strategic acquisitions, organic growth, and other special situations. Post Road's Multi-family platform acquires and operates well-located multi-family properties nationwide, with a focus on attractive in-place cash flow and the ability to create value through repositioning. The firm's Real Estate Finance platform provides bridge, mezzanine and preferred equity financing solutions to real estate operators nationwide seeking fast and flexible capital.
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