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August 15, 2013

Phoenix Management Services Completes Refinancing of $15.8MM for Globe Wireless

Chadds Ford (August 15, 2013) —- Phoenix Management Services (“Phoenix”) served as exclusive Restructuring Financial Advisor in arranging, structuring and negotiating the refinancing for Globe Wireless, LLC (“Globe” or “the Company”), one of the world’s leading providers of satellite communications and information technology services to the commercial maritime industry worldwide.

Phoenix was engaged by the Company to secure a new senior credit facility consisting of a revolving line of credit and a term loan secured by real estate. Phoenix took immediate control of the refinancing process. Phoenix put together a detailed, clear and concise financial package that the prospective asset based lender could easily review and then take to its credit committee to seek approval.

Despite the Company’s continued losses, Phoenix’s efforts resulted in the Company completing a $15.8 million transaction that successfully resulted in refinancing Globe’s senior debt. The transaction consisted of: 1) a New $15 million Revolving Credit Facility with Wells Fargo Capital Finance secured by the Company’s receivables and inventory; and, 2) a New $839k Term Loan from Wells Fargo Capital Finance secured by the Company’s real estate.

This complex refinancing provided the Company with substantial new working capital and availability at closing. In addition to addressing the Company’s current and future working capital needs, Phoenix helped enhance and preserve the value of the Company and better positioned Globe for future growth.

The transaction was led by Vincent J. Colistra and Mark Karbiner from Phoenix Management Services.

Vincent J. Colistra, Senior Managing Director and Shareholder of Phoenix, remarked as follows: “This refinancing required a hands-on, operationally focused restructuring advisor. Our firm’s unique skill set combined with the credibility and audience we have with Wells Fargo was critical in the completion of the Globe refinancing. The Company is in a significantly improved position with Wells today as a direct result of our ability to bring an innovative structure to the table. This was a tough deal for sure, but this is what Phoenix can bring to the equation, and really deliver value to our clients.”

About Phoenix:

For over 25 years, Phoenix has provided smarter, operationally focused solutions for middle market companies in transition. Phoenix Management Services® provides turnaround, crisis and interim management, specialized advisory and operational due diligence services for both distressed and growth oriented companies. Phoenix Capital Resources™ provides seamless investment banking solutions including M&A advisory, complex restructurings and capital placements. Phoenix Capital Resources is a U.S. registered broker-dealer and member of FINRA and SIPC. Proven. Results.®

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