Seattle, WA, March 1, 2007 – Ygnition Networks, 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 First Capital
First Capital is a leading financial services firm providing prompt, professional
and reliable working capital solutions for middle market companies and
institutions. Founded in 1987, the firm focuses on Traditional Factoring,
Asset-Based Lending
and Discount Factoring for clients in North America and Asia with financing
needs from $35,000 to $250 million. The firm also manages asset portfolios
for clients
and is an active issuer of receivables-backed securities. Combining a unique
blend of old and new banking methods, First Capital provides clients with
the proper support needed to grow and maintain their business. Based out
of West
Palm Beach, Florida, the firm has six full service offices in major cities
including New York, Los Angeles, Ft. Lauderdale, Oklahoma City and Atlanta
and a subsidiary
that is headquartered in Hong Kong.