Home and business security systems provider Voxcom Inc. has completed its recapitalization transaction, consisting of a $36 million equity investment and a new $70 million bank credit facility.
The equity investment with an affiliate of Catterton Partners and Clairvest Group Inc., previously announced on April 1, has resulted in the issuance of 35.9 million Class B convertible retractable preferred shares at $1 per share. Catterton has invested $25.3 million in preferred shares, and Clairvest has converted its existing debt obligations of $8.6 million and invested an additional $2 million in preferred shares.
At closing, the company has drawn upon $41 million of the three-year bank credit facility.
“With the completion of these transactions, Voxcom now has the capital and debt structure to execute its business plan,” said Brad Sparrow, president and CEO of Voxcom.
