SAN ANTONIO , Jan 9 /PRNewswire-FirstCall/ -- Argyle Security, Inc., (OTC Bulletin Board: ARGL), ("Argyle") a service and solutions provider in the physical electronic security industry, announced today that it has received a
ISI Security Group, Inc. ("Argyle Security USA"), Argyle's wholly-owned subsidiary amended its senior credit facility with The PrivateBank and Trust Company ("PrivateBank") by using the proceeds to reduce a portion of the outstanding balance of the senior credit facility and its mezzanine debt with William Blair Mezzanine Capital Fund III, L.P. ("Blair"), a fund managed by Merit Capital Partners. Each lender has agreed to amend its financial covenants, and Blair has agreed to extend the maturity date of its debt by one year to January 2011 .
Bob Marbut , Chairman and Co-CEO of Argyle Security, commented "We are pleased to announce this refinancing. Management believes that the financial flexibility gained from the amendments of our primary credit facilities will enable us to better serve our customers in the year ahead."
Sam Youngblood , President of Argyle Security USA, commented, "Despite the significant slowdowns in many sectors of the economy, the corrections and commercial security markets remain particularly strong. We believe that this refinancing will enable us to execute our 2009 business plan, continue to meet our customer expectations for quality service, and continue to strengthen our position as a leader in the corrections market and the fast growing critical infrastructure sector in the commercial security market."
Terms and Conditions of Financing
In connection with the investment of
About Argyle Security, Inc.
Formed in 2005 and headquartered in San Antonio, TX , Argyle is a provider of services and solutions in the physical electronic security industry. In July 2007 , Argyle acquired ISI Security Group, Inc. In February 2008 , Argyle created Argyle Security USA, which encompasses ISI Security Group's operations in both the corrections and commercial sectors, also including the assets and operations acquired as a result of the PDI, Com-Tec and Fire Quest acquisitions during 2008. Argyle's channel focus is Video Surveillance, Access Control, Perimeter Protection, Intrusion Protection, Fire Detection and Threat Analysis, serving selected commercial, governmental and residential markets. Argyle currently has two reporting segments: "Argyle Corrections" and "Argyle Commercial Security".