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Releases
Ygnition Announces $20 Million Financing With
First Capital and Full Circle Capital
Ygnition raises $20 million in debt capital to be used for subscriber
acquisitions and organic growth opportunities.
Ygnition Networks, Inc. a leading provider of
Video, Internet, and Voice services to the multi-family real estate
industry, announced today that it has closed a $20 million senior secured
revolving credit facility provided by both Full Circle Capital and FCC, LLC
("First Capital").
Ygnition will use the proceeds from the facility for subscriber acquisitions
and organic growth opportunities. Ygnition provides broadband services to
over 150,000 apartment units throughout the United States. The company also
provides point-to-point data circuits and T-1 Internet circuits.
"This is an excellent long-term financing solution for Ygnition. We have
several potential acquisitions in the pipeline and numerous organic
opportunities in our larger markets. First Capital and Full Circle have
tailored a financing structure that is flexible enough to accommodate our
needs under almost any scenario," said Kevin Coyle, Chief Executive Officer
of Ygnition.
Ronald Sullivan, CFO of Ygnition stated, "Ygnition has recorded positive
EBITDA since 2005. Thus, all draws from this credit facility will be
invested in revenue generating assets that are accretive to Ygnition's
subscriber base, revenues and EBITDA, allowing us to continue the aggressive
growth we have experienced over the past five years."
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
Full Circle Funding, LP ("Full Circle Capital"),
Stamford, CT, 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. 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 manages a captive pool of capital for these purposes.
For more information please contact:
John Stuart, Managing Partner
(203) 517-4124
info@fcfcapital.com
www.fcfcapital.com
About First Capital
First Capital has been providing prompt, professional
and reliable financing solutions since 1987 across the United States. In
2003, a group of private investors and the management team decided to take
First Capital into a new and exciting direction. As a result, First Capital
has both the professional staff and the financial strength to serve the
needs of middle market businesses throughout the United States. First
Capital implemented its new plan, focusing on senior secured revolving
credit facilities for clients with financing needs from $35,000 to $250
million. In addition, First Capital can provide its clients with
outsourcing solutions to the managing of its accounts receivable and credit
default swaps on accounts receivable. As a result of its focus on client
service, First Capital has become 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 is staffed with over 160
experienced and dedicated employees across the country. Responsiveness and
service to our clients when they need it most is First Capital's strategic
advantage over its competitors.
For more information please contact:
Geoffrey Marcus, Managing Director
(800) 619-0804
web-leads@firstcapital.com
www.firstcapital.com
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