SHREWSBURY, N.J., March 23, 2015 (GLOBE NEWSWIRE) -- InterCloud Systems, Inc. (Nasdaq:ICLD) announces today that it has signed a definitive agreement for a new senior credit facility from Faunus Group International Inc. ("FGI"). This new $15 Million facility is secured by the consolidated accounts receivable of InterCloud and its subsidiaries and is subject to final closing conditions.
"This new facility increases our financial flexibility and provides additional working capital to support our growth plans. Our team spent the last several months researching financial institutions that have the ability to grow with InterCloud, offer competitive rates, and that understand our business and growth strategy. We are pleased to begin this financial partnership with FGI and their support of our plans," said InterCloud CEO, Mark Munro.
FGI (www.FGIWW.com) is a global leader in the commercial finance and services industry, equipping small and medium enterprises with the tools they need to safely grow their business. FGI's three key business units, FGI Finance, FGI Risk, and FGI Capital, cover the full spectrum of financial services – providing customized business solutions tailored to meet all client needs. Headquartered in New York City, FGI maintains a presence on 6 continents with clients in over 60 countries around the world.
Aegis Capital Corp acted as exclusive placement agent in connection with the facility.
About InterCloud Systems
InterCloud Systems, Inc. is a single-source provider of end-to-end information technology (IT) and next-generation network solutions to the telecommunications service provider (carrier) and corporate enterprise markets through cloud-centric solutions and services. InterCloud offers cloud and managed services, professional consulting and staffing services, and voice, data and optical solutions to assist its customers in meeting their changing technology demands. Its engineering, design, installation and maintenance services support the build-out and operation of some of the most advanced enterprise, fiber optic, Ethernet and wireless networks. Additional information regarding InterCloud may be found on the Company's website at http://www.intercloudsys.com.