BOSS Completes Key Financing for St. Bernard Software
February 28, 2009
BOSS Corporation is pleased to announce the successful refinancing of St. Bernard's $2 million credit facility with Silicon Valley Bank and amendment of Partners for Growth $1.5 million credit facility. BOSS's partnership with these quality financial institutions resulted in the successful amendment of these two facilities during one of the most challenging credit markets.
BOSS is pleased to announce the following results:
- Silicon Valley Banks $2 million credit facility was extended from a maturity date of May of 2009 to May of 2010.
- Interest rate was lowered from 11.5% to 7.5% per annum.
- Partners for Growth's $1.5 million credit facility was amended to remove the operating covenants for February and March of 2009 to adjust for market softness that was not anticipated within the original loan negotiations as well as the increase in spending associated with necessary investments being made within R&D surrounding our clients core iPrism product line.
John Burke, BOSS, President and CEO, "We are very pleased with the successful completion of these two amendments. Both Silicon Valley Bank and Partners for Growth are very solid partners to BOSS and our client St. Bernard Software. The credit markets are extremely challenging and the completion of these amendments is a great accomplishment and a testament to the financial and operational changes that have taken place within St. Bernard. We greatly appreciate this ongoing partnership."
About St. Bernard
St. Bernard Software develops and markets Internet security appliances and services that empower IT professionals to effectively, efficiently and intelligently manage their enterprise's Internet-based resources. Originally founded in 1995 as a market-leader in data security with its flagship product, Open File Manager(TM), the company is now recognized for delivering today's #1 Web filtering and security appliance, iPrismŽ. With millions of end users worldwide in more than 5,000 enterprises, educational institutions, SMB, and government agencies, St. Bernard strives to deliver simple, high performance solutions that offer excellent value to our customers.
Based in San Diego, California, St. Bernard (OTC BB:SBSW.OB - News) markets its solutions through a network of value added resellers, distributors, system integrators, OEM partners and directly to end users. For more information about St. Bernard Software, visit www.stbernard.com.