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Agency / Source: Allen Systems Group, Inc.

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ASG Software Solutions Executes Commitment Letter for Approximately $250 Million Loan Facility from TPG Opportunities Partners - Agreement contemplates the provision of funds to refinance existing first lien indebtedness - TPG.com / ASG.com
ASG Software Solutions Executes Commitment Letter for Approximately $250 Million Loan Facility from TPG Opportunities Partners

 

PRZOOM - /newswire/ - Naples, FL, United States, 2012/11/19 - Agreement contemplates the provision of funds to refinance existing first lien indebtedness - TPG.com / ASG.com.

   
 
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ASG Software Solutions announced today that it has entered into a commitment letter with TPG Opportunities Partners for the provision of an approximately $250 million loan facility, which will refinance in full its existing first lien indebtedness and pay in full certain related fees and expenses. The commitment contemplates that the Company's second lien bond payment due November 15, 2012 will be paid at or before consummation of the financing.

Arthur L. Allen, ASG’s CEO, stated “We are excited about this loan and working with TPG to meet our financial obligations, while we work toward putting our company on firm financial footing and implementing our strategy for growth.”

In connection with funding of the loan, ASG will appoint a new Board of Directors, including two independent board members. The company will also undertake a review of its current operations, with an aim to enhance the firm’s competitiveness and improve the workplace environment. The company will continue to be led by its current management team, including Arthur L. Allen, who will continue as Chairman and CEO.

Funding under the loan is subject to certain conditions and the parties intend to work toward their satisfaction and toward closing the financing in the near future.

About TPG Opportunities Partners
TPG Opportunities Partners (tpg.com) is the dedicated credit platform of TPG, a leading global private investment firm founded in 1992 with $51.5 billion of assets under management and offices in San Francisco, Fort Worth, Austin, New York, Sao Paulo, Hong Kong, London, Paris, Luxembourg, Melbourne, Moscow, Mumbai, Shanghai, Chongqing, Beijing, Singapore and Tokyo.

About ASG
A recognized innovator in enterprise IT and business software solutions, ASG Software Solutions (asg.com) has been optimizing 85 percent of the world’s most complex IT organizations for over 25 years. We create and deploy unique software solutions that reduce cost, mitigate risk and improve service delivery throughout the IT lifecycle. ASG’s comprehensive solutions help you solve today’s challenges, such as cloud computing and big data, while driving your business forward by providing insight and control across cloud, distributed and mainframe environments.

Contact for TPG Opportunities Partners:
Lisa Baker, Owen Blicksilver PR
E: Lisa[.]blicksilverpr.com - P: 914-725-5949

 
 
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Agency / Source: Allen Systems Group, Inc.

 
 

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ASG Software Solutions Executes Commitment Letter for Approximately $250 Million Loan Facility from TPG Opportunities Partners

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ASG Software Solutions | TPG Opportunities Partner
Contact: Natalie Hahn O’Flaherty - ASG.com 
239-435-3654 nho[.]asg.com
 
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