Monitronics completes refinancing deal
October 2, 2003
DALLAS - Monitronics International has completed a $500 million refinancing of its debt facilities. The refinancing brings to more than $600 million the companyÃ¢â‚¬â„¢s total debt and equity raised since its inception in 1994.
Included in the new financing was a private placement of $160 million of senior subordinated notes and a $320 million credit facility.
Some of the proceeds from MonitronicsÃ¢â‚¬â„¢ refinancing were used to repay the companyÃ¢â‚¬â„¢s existing bank credit facility and to redeem certain subordinated notes. The balance will be used for general corporate purposes, including the expansion of MonitronicsÃ¢â‚¬â„¢ customer base through the acquisition of long-term monitoring agreements from authorized dealers.
"With today's tight capital markets, we appreciate that the investment community has confidence in our past results, strategy, and business plan to allow for such an initiative," said Jim Hull, president and chief executive officer.
Monitronics currently monitors the alarm systems of more than 400,000 customers, up from 14,000 customers in its first year of operation.