December 20, 2007
Phonetime Inc. (TSX: PHD), one of Canada’s leading suppliers of long distance telecommunication services, completed the acquisition of Symphony Telecommunications LLC for a purchase price of US$14.19 million on December 20, 2007. The acquisition was achieved with the support of a Royal Bank of Canada (RBC) credit facility consisting of an operating line of credit, equipment lease financing and mezzanine debt financing in the total aggregate amount of $9,120,000.
The transaction, first announced on October 17, 2007, was completed by way of a purchase of all of the outstanding shares of Symphony’s parent company, Symphony Holdings Inc. and at the same time, Phonetime has acquired Symphony’s operations in Capetown, South Africa. The Symphony companies will continue to conduct their operations as subsidiaries of Phonetime.
Wildeboer Dellelce LLP represented the Royal Bank of Canada with a team that included Christopher Partridge and Lisa Cunningham (Banking and Finance).