MILPITAS, Calif., Jan. 28 — SGI, a global leader in high performance solutions for compute, data analytics, and data management, today announced that it has completed a $70 million three and a half year term loan financing. The proceeds will be used to fund working capital for large, recently-awarded customer contracts, to retire the Company’s existing revolver, and for general corporate purposes.
“We are very pleased to secure this $70 million of financing from a lender group led by Tennenbaum Capital Partners,” said Robert Nikl, SGI’s EVP and Chief Financial Officer. “This financing will provide SGI additional flexibility to fund working capital for recently awarded large contracts as well as future customer opportunities.”
The Term Loan will bear interest at LIBOR plus 9.00% with a LIBOR floor of 1.00%.
Morgan Stanley Senior Funding, Inc. acted as sole lead arranger and bookrunner.
About SGI
SGI is a global leader in high performance solutions for compute, data analytics and data management that enable customers to accelerate time to discovery, innovation and profitability. Visit sgi.com for more information.
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Source: SGI