Current Press Releases
Ygnition Announces $30 Million FinancingYgnition expands credit facility with First Capital and Full Circle Funding
Seattle, Washington. (Sep 23, 2008) - Ygnition Networks, the leading provider of television, high-speed internet, and digital telephone to the multi-family real estate industry announced the expansion of the Company's existing senior secured credit facility with Full Circle Funding to $30 million. The transaction was completed in conjunction with FCC, LLC ('First Capital'), West Palm Beach, Florida.
Ygnition will use the proceeds from the facility to fund subscriber acquisitions and organic growth opportunities.
"We are currently exploring numerous growth initiatives in our larger markets and Full Circle Capital and First Capital have provided an extension of our current facility to ensure we have the capital necessary to continue our growth plans," said Kevin Coyle, CEO of Ygnition.
John Stuart, Managing Partner of Full Circle Capital, stated, "Full Circle is pleased to expand its lending relationship with Ygnition, as the Company continues its strong financial performance and executes on growth opportunities and objectives. Ygnition, with its growth capital needs and long term underlying asset base, represents a prime example of a financing opportunity well suited to Full Circle's capabilities."
"Full Circle and First Capital have tailored a funding solution to our needs, and this facility continues to provide an excellent long-term financing solution for Ygnition," added Ronald Sullivan, CFO of Ygnition Networks.
About Ygnition Networks, Inc.
Ygnition Networks is a leading provider of state of the art broadband services including cable TV, high-speed Internet and digital voice (VoIP) to the multifamily housing industry. The Company was named by Broadband Properties magazine as one of the "Top 100 Broadband Companies of 2006." Ygnition Networks is the preferred broadband services provider to over 150,000 apartment homes in seven states. The company is headquartered in Seattle, Washington and maintains offices in California, Texas, and Florida.
For more information please contact Ronald Sullivan, CFO at (206) 574-5490.
About Full Circle Capital.
Full Circle Funding, LP ('Full Circle Capital'), Rye Brook, NY, is a specialty finance company formed in September 2005 to originate and acquire senior secured loans, participating debt instruments and leases in niche or underserved markets. Full Circle focuses on opportunities characterized by strong underlying assets or other collateral. One of Full Circle Capital's primary initiatives is to offer flexible borrowing solutions to media and communications companies for the purpose of growth capital and new development, acquisitions and/or refinancing of existing capital.
Full Circle Capital Contact:
John Stuart, Managing Partner
About First Capital.
First Capital is one of the largest independent full service commercial finance companies in the United States. In addition, First Capital has leveraged its expertise in receivables finance to become a manager of asset portfolios for others and is an active issuer of receivables-backed securities.
First Capital Contact:
Geoffrey Marcus, Managing Director