Global Leader in Alcohol Monitoring Technology and Drug Screening Products Announces Debt Recapitalization and Shareholder Distribution.
Irving, Texas (PRWEB) January 04, 2013
Smart Start, Inc., a leader in alcohol monitoring through its ignition interlock and IN-HOM® alcohol testing devices and its SMARTOX™ drug screening products and services, today announced that it completed a debt recapitalization of the company and made a one-time special distribution to shareholders in late December 2012.
The debt recapitalization includes a senior credit facility, which consists of a term loan and a revolver. The proceeds will be used to fund the one-time special distribution, repurchase shares from selling shareholders, refinance existing debt, and provide additional funding for working capital, capital expenditures, and general corporate purposes.
Smart Start President Jim Ballard said, “Given the strength of our financial position and attractive credit market conditions, the Smart Start board is pleased to have been able to refinance the business on favorable terms. In addition to providing liquidity to shareholders, the new facility will provide enhanced funding to support the company’s continued rapid growth and the launch of several new products and services.”
Wells Fargo Bank, N.A. is the underwriter and sole funder of the facility. Cappello Capital Corp. served as the Company’s financial advisor in connection with the recapitalization.
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