InternetVonage May Get Fresh CEO Along With Financing (TechWeb)

TechWeb - InformationWeek - The VoIP provider and Silver Point are establishing the terms and conditions for up to $215 million in private debt financing.

VoIP provider Vonage Holdings has tailored a deal with hedge fund Silver Point Finance that will keep the firm operating as the company prepares to name a new chief executive to replace founder and chairman Jeffrey Citron, according to a report in Friday's Wall Street Journal. Vonage said it has a commitment with Silver Point establishing the terms and conditions for up to $215 million in private debt financing. Silver Point will provide $125 million in the deal, the company said. "Refinancing our existing debt has been a key priority for the company," said John S. Rego, Vonage's executive VP and CFO, in a statement. "We believe this new financing will provide Vonage with the solid financial foundation to continue... [ Read more on www.yahoo.com ]

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