St Bernard Enhances Financial Flexibility and Access to Growth Capital
St. Bernard Software, Inc. (OTCBB: SBSW), a leader in Web security appliances, announced today the completion of a debt refinancing and enhanced line of credit with Partners for Growth II, L.P. The agreement provides access to a $1.5 million revolving line of credit that will be used to pay off a high interest rate bridge note and provide access to additional working capital to support the company's growth.
The new agreement provides the Company with several advantages, including additional borrowing availability, dramatically reduced interest rate, and greater flexibility in managing working capital.
"We are pleased with the confidence that Partners for Growth has shown in our growing business," said Vince Rossi, president and CEO of St. Bernard. "Our continued delivery of operating results has enabled us to establish this new relationship and gives us the ability to better manage our growth. This new credit facility allows for greater flexibility, and will be used to support our growth in 2008, and beyond."
Details of the transaction are available in the Company's Form 8-K filing.
About Partners For Growth II, L.P.
Partners for Growth ("PfG") provides custom debt solutions to private and public emerging growth technology and life science companies. PfG's custom approach results in a variety of structures and terms including working capital lines of credit, term loans and convertible debt. PfG looks to share in the success of its clients by taking equity participation rights in the form of stock warrants or convertibility of its debt.
About St. Bernard
St. Bernard offers a full suite of secure content management solutions that integrate on-premises appliances with on-demand services to protect corporate networks from online threats, manage bandwidth use and enforce acceptable use policies. This industry-leading hybrid solution platform offers the security and control of an on-premise appliance with the scalability of an on-demand service.
St. Bernard's suite of iPrism solutions -- iPrism Web Filter, iPrism I'm Filter and iPrism Email Filter -- prevent Internet threats, such as spam, viruses, spyware and phishing, from entering corporate networks across all electronic communications: email, I'm and Web.
Established in 1995 with headquarters in San Diego, CA, St. Bernard sells and supports its products directly and through solution partners worldwide. For more information, please visit www.stbernard.com.