Birch Communications Receives Financing from Wells Fargo Bank
Wells Fargo Bank joins Birch's Senior Secured Credit syndicate group with a $17 million commitment
ATLANTA, Oct. 23, 2012 /PRNewswire/ --Birch Communications, Inc., a leading IP-based telecom and managed services provider to small- and medium-sized businesses, announced today that Wells Fargo Bank is now a syndicated lender in Birch's Senior Secured Credit Facility. Wells Fargo's commitment of $17 million will increase the capacity of the Company's Senior Credit Facility by $8.0 million.
"Wells Fargo Bank is the fourth largest bank (by assets) in the country and we're excited to begin a partnership with such a well-respected organization," noted Edward James, Birch's chief financial officer. "Having now three of the largest financial institutions in America demonstrate their confidence in Birch and our leadership team is a tremendous compliment and affirmation of our business model. We're well-positioned to continue to execute our growth strategy."
"We are pleased Wells Fargo has joined our Senior Secured Credit Facility Syndication Group," said Vincent M. Oddo, Birch's president and chief executive officer. "The progress in our financing initiatives underscores the fact that the financial markets continue to be confident in Birch's fundamental stability and growth potential."
About Birch Communications
Headquartered in Atlanta, Ga., Birch Communications provides managed communications and information technology services to a target market of small and medium-sized businesses in select metropolitan areas within 38 states across the United States. Birch services include local and long distance voice, broadband Internet access, T1, PRI, bonded T1, mobile voice and data, e-mail, voicemail, prepaid, and many other communications and information technology services. Birch voice and data services are, in most cases, delivered using Voice over Internet Protocol (VoIP) technology on the company's secure IP-Network rather than over the public Internet.
According to Inc. 500|5000 magazine in its 2012, 2011, 2010, 2009 and 2004 rankings, Birch was one of the fastest-growing private companies in the United States. In 2010, Birch was also named the 7th fastest growing private business in Atlanta, and in 2011 as one of the Top 100 Private Companies in Atlanta, by the Atlanta Business Chronicle. Please visit www.birch.com for more information.
SOURCE Birch Communications, Inc.
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