Monroe Capital Provides $15 Million to Navarre Corporation
Chicago, IL, March 26, 2007
Monroe Capital LLC announced the funding of a $15 million junior term loan to Navarre Corporation (NASDAQ: NAVR). Monroe Capital’s junior term loan was used to assist Navarre in a refinance transaction.
Navarre, headquartered in New Hope, MN, is a distributor and publisher of a broad range of home entertainment and multimedia products, including PC software, CD audio, DVD video, video games and accessories. The Company’s business is divided into two segments–distribution and publishing. Through the distribution business, Navarre distributes and provides fulfillment services for its vendors, which include PC software and video game publishers and developers, independent music labels, and major motion picture studios
Mr. Koenig, President and CEO of Monroe Capital LLC said, “We are very pleased that we could assist Navarre in its financing needs.”
Cary Deacon, Navarre Corporation’s Chief Executive Officer, said, “We are very pleased with the completion of our debt refinancing. Our new credit facilities are well suited to the varying seasonal working capital needs of the Company and enable us to reduce our interest expense. We enjoyed partnering with Monroe Capital. It was a pleasure working with them on this transaction.”
Monroe Capital is a specialty finance company and one of the most active providers of senior secured and junior secured debt to middle-market companies. Monroe Capital specializes in originating, structuring and providing customized one-stop financings to U.S. and Canadian borrowers. Monroe is committed to being a value-added and user-friendly partner to owners, senior management and transaction sponsors. Investment types include senior and junior secured debt as well as bridge loans, flexible acquisition facilities, mezzanine or last-out second loans that stretch a company’s debt capacity, acquisitions of distressed debt, and equity co-investments. Monroe Capital prides itself on its flexible investment approach and its ability to close and fund transactions quickly. To learn more about Monroe Capital, visit www.monroecap.com.