PCS Wireless Receives $100m Loan Facility from White Oak Global Advisors

pcswireless-logoPCS Wireless, a Florham Park, N.J.-based global remanufacturer and distributor of mobile devices, received a $100m senior-secured loan facility from White Oak Global Advisors LLC.

The company intends to use the funds to increase its inventory and close new strategic partnerships with device manufacturers, telecom providers, retailers and distributors.

The senior-secured credit facility marks the first time PCS has turned to the capital markets for financing. PCS has experienced tremendous success to-date as a self-financed entity, more than doubling its revenue in each of the past two years to $330 million in 2013 and $740 million in 2014. Aided by financing that will allow the company to increase purchasing power, PCS expects to surpass revenue of $1 billion in 2015. The owners of PCS have other operating investment interests in the industry which along with PCS will total roughly $2.5 billion in 2015.

Co-founded in 2001 by Praveen Arora and Ben Nash, chief executive officer, PCS specializes in the recovery, remanufacturing and distribution of smartphones and tablets. In 2015, the company will buy, process and resell some 10 million new and pre-owned devices to customers in more than 20 countries across the globe through a network of 2,500 distributors. It currently has a network of more than 2,500 distributors.

Last year, PCS opened a new facility in the Dominican Republic to allow for continued expansion, complementing its main New Jersey facility and launched Posh Mobile, a line of Android devices including the Equal Lite W700 is a 7” tablet with 8GB of internal memory and a 1.2 GHz Quad Core processor for just $115.

FinSMEs

19/03/2015

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