ATLANTA, GA / ACCESSWIRE / June 24, 2019 / Strata Worldwide announced the successful completion of a refinancing of its current debt facilities.
The new $69 million credit facilities consist of a $54 million senior secured term loan provided by investment funds managed by Morgan Stanley Private Credit (MSPC), along with a $15 million revolving credit facility from Wells Fargo Capital Finance.
The new credit facilities were put in place to refinance the company's outstanding indebtedness and will support other general corporate purposes.
Terms of the financing were not disclosed.
Mike Berube, CEO of Strata Worldwide, said, 'This financing is a major milestone for Strata and we are excited to continue our partnership with Morgan Stanley Private Credit.'
MSPC portfolio managers Hank D'Alessandro and Ashwin Krishnan added: 'We commend Mike Berube and the Strata team on the operating success over the last two years. This refinancing leaves the company with a more flexible capital structure and positions Strata for future success.'
About Strata Worldwide
Strata Worldwide is a global leader in advanced technology solutions to the mining, tunneling and industrial sectors. Strata's suite of IP-protected electronic products promote a safer, more productive environment demonstrated by a 27-year track record of serving customers with value added products spanning six continents. The company is headquartered in Sandy Springs, GA.
For further information about Strata Worldwide, please visit https://www.strataworldwide.com/.
About Morgan Stanley Private Credit
Morgan Stanley Private Credit, part of Morgan Stanley Investment Management, is a private credit platform focused on direct lending and opportunistic private credit investing in North America and Western Europe. Morgan Stanley Private Credit investment professionals bring significant expertise in origination, structuring and principal investing in the leveraged finance markets.
For further information about Morgan Stanley Private Credit, please visit www.morganstanley.com/im/privatecredit
Griffin K. Coakley
SOURCE: Strata Worldwide
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