BRIGHTSTAR CLOSES $250 MILLION SENIOR SECURED LOAN BY PNC
MIAMI – August 28, 2006 — Brightstar Corp., the leading wireless distribution and supply chain solutions company in the world, recently completed expansion of a senior secured credit facility now totaling $250 million through PNC. Brightstar will use the increased funds for working capital needs and to support expansion of its global activities. The credit facility also provides for additional increases in the future, subject to certain conditions.
PNC also led the syndication of the credit facility, attracting nine additional institutional investors, including: HSBC, USBank, Fifth Third Bank, Western Bank, CIT, IBM, Carolina First and LaSalle Bank.
Headquartered in Miami, Fla., Brightstar provides value added distribution and supply chain solutions to over 25,000 wireless operators, retailers, resellers and agents in more than 30 countries worldwide.
Oscar Fumagali, Brightstar CFO, said, “We are pleased that this prestigious group of financial institutions, led by PNC, is providing this level of commitment and support to Brightstar’s growth objectives.”
“Because of our existing relationship with Brightstar management and an understanding of the critical role of the company in the wireless supply chain today and in the future, PNC continues to help finance Brightstar’s growth,” said Ed Chonko, vice president, PNC.
About PNC
The PNC Financial Services Group, Inc. (http://www.pnc.com) is one of the nation’s largest diversified financial services organizations providing retail and business banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management; asset management and global fund services.
Loans are provided by PNC Bank, National Association, a member of The PNC Financial Services Group, Inc.
About Brightstar
Brightstar Corp. is the largest wireless distributor and supply chain solutions provider in the world. Headquartered in Miami, FL, Brightstar has facilities in over 30 countries, serving customers on six continents. The company provides solutions to over 220 network operators and 25,000 MVNOs, resellers, retailers and agents around the world and also represents many of the world’s leading wireless manufacturers. In 2005, Brightstar exceeded $2.25 billion in revenue. For more information, visit http://www.brightstarcorp.com
Contact:
Sally Lange
For Brightstar
+1-305-921-1264
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Or
Michelle Meredith
For PNC
412-768-5770
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