Firm Closes Senior Debt Facility for OpenGate Capital Portfolio Company
Los Angeles, CA – January 15, 2012 – Backbone Capital Advisors, a corporate finance firm focused on the middle-market, today announced the successful closing of a senior debt financing for TV Guide Magazine, an OpenGate Capital portfolio company. Britt Terrell, managing director of Backbone Capital, led the transaction, which replaced an existing TV Guide Magazine financing facility with a new debt instrument that will enable the media company to continue executing its growth plans.
The financing was successful due to TV Guide Magazine’s enduring brand recognition, the excellent efforts of OpenGate Capital, and the expertise of Backbone Capital. When TV Guide Magazine needed a credit facility better adapted to its long-term needs, Backbone Capital was able to help secure a senior debt facility that matched TV Guide Magazine’s next phase of growth.
Mr Terrell said, “We are proud to have assisted the OpenGate team in identifying, structuring and negotiating the financing deal and are pleased with the successful close of an attractive debt instrument for TV Guide Magazine.”
Backbone Capital leverages its exceptional network and relationships with more than 200 banks to arrange corporate financings such as asset-based, senior cash flow, second lien, mezzanine, unitranche, and other solutions to match the capital structure of the borrower. The firm works with each borrower and sponsor to procure the maximum financing at the optimum terms, while assisting, advising and driving every step of the process from inception to funding. The firm focuses on special situations and middle-market businesses, such as TV Guide Magazine, with average financings of $5 – $50 million.
About Backbone Capital
Based in Los Angeles, Backbone Capital Advisors, LLC is a professional financing arranger of non-traditional capital for businesses that require private debt financing and other capital solutions. For more information, visit backbonecap.com.
About OpenGate Capital
OpenGate Capital is an international private equity firm that acquires controlling interests in businesses with solid fundamentals that exhibit opportunities for operational improvements and growth. Additional information is available at www.opengatecapital.com.