ServicceSource
(NASDAQ: SREV), a global leader in outsourced inside sales, customer
success and recurring revenue growth and retention solutions,
today announced the full payoff of its $150 million convertible senior
notes maturing August 1, 2018. The payoff included principal, all
interest and other payments due thereon, and was fully settled using
available cash on-hand.
The company also announced that it entered into a new $40 million senior
secured revolving credit facility with BBVA Compass. This new revolving
credit facility will be available for working capital needs and other
general corporate purposes.
“We are pleased to have delivered on our commitment to fully pay off our
five-year convertible note obligation in cash and without dilution or
impact to the company’s shareholders,” said Christopher M. Carrington,
CEO of ServiceSource. “The entry into a new line of credit demonstrates
the strength of our business and the quality of our assets, while
providing further independent liquidity and flexibility to support the
company’s strategic growth and investment objectives.”
ServiceSource will file a Current Report on Form 8-K with the Securities
and Exchange Commission that contains more detailed disclosure
concerning the new credit facility.
About ServiceSource
ServiceSource International, Inc. (NASDAQ:SREV) helps the world’s
leading brands grow closer to their customers. As a global leader in
outsourced inside sales, customer success and recurring revenue growth
and retention solutions, ServiceSource expands customer lifetime value
by helping companies to more efficiently and effectively find, convert,
grow and retain their B2B customer relationships. Trusted by global
market leaders in the cloud/XaaS, software, technology hardware, medical
device & diagnostic equipment and industrial IoT sectors, ServiceSource
sells, manages or renews $9 billion of revenue annually on behalf of its
clients. Leveraging a robust technology suite, predictive data models
and more than 3,000 revenue delivery professionals speaking 45
languages, only ServiceSource brings to market nearly 20 years of
expertise and the ability to drive recurring revenue growth to more than
170 countries. To learn more, visit www.servicesource.com.
Forward-Looking Statements
This press release contains forward-looking statements, including
statements regarding our ability to execute against our market
opportunity, and the growth of that opportunity. These forward-looking
statements are based on our current assumptions and beliefs, and involve
risks and uncertainties that could cause our results to differ
materially from our forward-looking statements. Those risks and
uncertainties include: that the market for our solution is
underdeveloped and may not grow; changes in market conditions that
impact our ability to sell our solutions and/or generate service revenue
on our customers’ behalf; the possibility that our estimates of service
revenue opportunity under management and other metrics may prove
inaccurate; our ability to adapt our solution to changes in the market
or new competition; our ability to achieve our expected benefits from
international expansion; general political, economic and market
conditions and events; and other risks and uncertainties described more
fully in our periodic reports and registration statements filed with the
Securities and Exchange Commission, which can be obtained online at the
Commission’s website at http://www.sec.gov.
All forward-looking statements in this press release are based on
information currently available to us, and we assume no obligation to
update these forward-looking statements.
Connect with ServiceSource:
http://www.facebook.com/ServiceSource
http://www.linkedin.com/company/servicesource
http://www.youtube.com/user/ServiceSourceMKTG
Trademarks
ServiceSource®, and any ServiceSource product or service names or logos
above are trademarks of ServiceSource International, Inc. All other
trademarks used herein belong to their respective owners.
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