Today, UniTek Global Services, Inc. announced that Apollo Investment Corporation sent it a letter of commitment for financing deals. The arrangements, including ABL facility, was worth US$75 million. ABL unit was an asset-based revolving credit facility. The commitment letter contemplated that the two companies would enter a definitive documentation for ABL facility. The letter said this was supposed to be done no later than the 10th of July this year.
UniTek Global Services, Inc. was a principal provider of constantly outsourced infrastructure services. It made deals with telecommunications, broadband cable, wireless, transportation, public safety and satellite television industries.
After the completion of the deal, Unitek would utilize the funds to pay its outstanding revolving credit and security agreement dated April 15, 2011.
"When finalized, this ABL Facility will provide us with additional liquidity as we continue working on the refinancing of our outstanding debt," Chief Executive Officer of UniTek, Rocky Romanella, said. "We are progressing on a number of fronts related to the completion of the audit and refinancing of our debt, and this commitment letter is an important step in the overall process."
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