KUALA LUMPUR, July 30 (Bernama) -- Mavenir, a cloud-native network infrastructure provider, and its existing investor, private equity firm Siris, have completed a comprehensive recapitalisation with Mavenir’s lenders.
The transaction eliminates more than US$1.3 billion of existing debt and secures US$300 million in new senior financing, along with a subordinated facility from Siris and participating lenders. (US$1=RM4.23)
Mavenir President and Chief Executive Officer, Pardeep Kohli said the recapitalisation provides a strengthened financial foundation for the company to further drive innovation for its global customer base.
“Mavenir has long been at the forefront of cloud transformation, and with this enhanced stability, we are well-positioned to continue redefining the Network of the Future with the support of Siris and our lender partners,” he said in a statement.
Meanwhile, its Executive Chair and Siris Executive Partner, Hubert de Pesquidoux said the completion of the transaction demonstrates the continued confidence and commitment of both Siris and the lenders.
“With a significantly strengthened balance sheet and Siris’ ongoing support, Mavenir is poised to accelerate its leadership in the software industry,” he added.
Siris remains the controlling owner of Mavenir and will continue its active partnership as the company advances its vision of a cloud-native, artificial intelligence-enabled network.
-- BERNAMA
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