CAROL STEAM, Ill., Oct. 16, 2023 /PRNewswire/ -- Output Services Group, Inc. d/b/a EverView ("OSG" or the "Company"), a global provider of billing and payment solutions, today announced that it has signed an agreement with its First Lien Lenders, Mezzazine Lenders and preferred and common equity holders to significantly reduce its debt and annual interest expenses ? strengthening its balance sheet and adding additional capital to support the Company's strategic objectives. With the agreement, OSG, and certain of its affiliates, filed voluntary Chapter 11 petitions in order to pursue a pre-packaged Plan of Reorganization to implement the recapitalization transactions.
"The actions announced today enable us to efficiently restructure our debt, obtain substantial new capital, and create a capital structure that will provide a foundation for future growth," said Chief Executive Officer Dean Cherry. "Over the last several months we have worked closely with our stakeholders to develop and secure the necessary support of our plan to ensure OSG remains a leader in the billing and payment solutions industry."
Key aspects of the plan:
In addition to the new $50 million capital investment, OSG anticipates finalizing a $50 million revolving credit facility, which will be used to further support operations and ensure ample liquidity post-emergence. During the reorganization process, which is expected to be successfully completed by the end of November 2023, OSG will continue normal business operations.
"We are grateful of the commitment our investors are demonstrating by providing this new financing," said Mr. Cherry. "The added resources should assure our customers, trade partners and the communities we operate in, that OSG has the financial flexibility to complete our recapitalization process efficiently."
Court filings and other documents related to the court proceedings are available on a separate website administered by OSG's claims agent, KCC, at www.kccllc.net/OSG. Email inquiries about the case can be sent to [email protected].
OSG is represented by McDermott Will & Emery LLP as legal counsel, Accordion Partners as its financial advisors and Houlihan Lokey Capital, Inc. as its investment bank.
About OSG
OSG, which transacts business under the OSG Billing and EverView brands, delivers leading customer engagement solutions that drive action, loyalty and retention. With over 50 years of experience, we enable 6,000 customers to create deeper relationships, one communication at a time.
For more information, please visit http://everview.io/ or follow us on LinkedIn, Twitter & Instagram.
SOURCE Output Services Group, Inc.
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