PRC Refinances First Lien Debt with Regions Bank

Florida based PRC, LLC refinanced its First Lien Debt with $40 million Loan and Secuirty Agreement with Regions Bank.

[ClickPress, Wed Jun 17 2009] PRC, LLC, a leading provider of outsourced customer contact management services, announced today that it has completed a refinancing of its First Lien Debt with a new $40 million Loan and Security Agreement with Regions Bank. According to Steve Richards, Chief Executive Officer for PRC, “The new loan facility strengthens PRC’s capabilities to finance its strategy for profitable growth, provides liquidity and flexibility for expansion and reduces financing costs.”

The completion of the refinancing agreement with Regions Bank is a strong indicator of the company’s success. “Given the difficult economic environment for obtaining financing, PRC’s ability to complete this transaction with such attractive terms sends a strong signal to all our business partners,” stated Tom Garrett, the company’s Executive Vice President and Chief Financial Officer.

PRC used available cash and the new facility to pay off the existing First Lien term loan and to make early payments to its Second Lien lenders, thereby reducing higher cost debt on its balance sheet.

Richards expressed optimism for the company’s future and said PRC’s ability to attract new business in 2009 has been encouraging. “We are delighted with our progress and are grateful for the support of our worldwide customer base, the dedication of our employees, and now the vote of confidence of a leading US bank in sharing our vision of being a global leader in outsourced business solutions,” Richards commented. “We look forward to many years of banking partnership with Regions Bank as we pursue excellence and growth together,” continued Richards.


About PRC
PRC, LLC is an outsourced Business Solutions Provider globally delivering Customer Management and Sales & Marketing services on behalf of leading brands. With over 25 years of experience, PRC delivers solutions that support communications to target, acquire, grow, retain and develop customer relationships that deliver a positive return on their clients’ investment. Headquartered in Ft. Lauderdale, Florida, the Company supports clients worldwide through its global network of centers. Additional information about PRC, LLC can be found at www.prcnet.com

About Regions Financial Corporation
Regions Financial Corporation, with $142 billion in assets, is a member of the S&P 100 Index and one of the nation’s largest full-service providers of consumer and commercial banking, trust, securities brokerage, mortgage and insurance products and services. Regions serves customers in 16 states across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates 1,900 banking offices and approximately 2,300 ATMs. Its investment and securities brokerage trust and asset management division, Morgan Keegan & Company Inc., provides services from over 300 offices. Additional information about Regions and its full line of products and services can be found at www.regions.com.