Pronet announces successful closing of US$100m financing
Cinven portfolio company raises long-term financing to support growth
Pronet Güvenlik ("Pronet"), leading Turkish security alarms company, announces the closing of a new US$100 million debt facility.
The new facility is arranged by Joint Mandated Lead Arrangers, European Bank for Reconstruction and Development (EBRD) and ING Bank, who also acted as Facility Agent and Documentation Agent and consists of long-term committed senior term and capital investment facilities.
Ahmet Özbaş, Chief Financial Officer, Pronet, commented: "The successful closing of this US$100 million facility demonstrates our ability to secure flexible, cost-efficient and long-term committed capital to finance our continued growth. Following Cinven's acquisition nearly two years ago, our portfolio of subscribers has grown from 130,000 to more than 170,000 and we have opened regional direct sales offices in three new cities across Turkey. We have also invested substantially in IT, systems, operations, after-sales services, as well as strengthening our management team. With the additional financing support from ING Bank and EBRD, we can continue our successful growth strategies, whilst at the same time constantly improving the quality of our service offering to our customers. Whilst ING Bank as lender has been a supporter of Pronet for several years, we are pleased to welcome EBRD into our group of lenders and look forward to working with them over the upcoming period."