NEW YORK-TSR Paging Inc. announced last week it closed on a new $125 million bank credit facility, arranged by First National Bank of Chicago acting as agent.
The increased credit line will allow TSR to sustain its current pace of system buildout while allowing it to open new retail outlets rapidly. “Having this much available credit greatly increases our operating flexibility,” said Leonard DiSavino, chief executive officer of the Fort Lee, N.J.-based paging carrier.
In addition to First National Bank of Chicago, Fleet National Bank served as co-agent for the new credit facility, which also included four other participants: Summit Bank, PNC Bank, CoreStates Bank and Royal Bank of Canada.
“That the facility was oversubscribed by about 50 percent speaks to the quality of our banking relationships and underscores TSR’s strong operating performance,” said Mitchell Sacks, chief financial officer.
TSR now has nearly 900,000 pagers in service, and its subscriber base has grown at a 92 percent compound annual rate over the last four years, according to the company. It has paging operations in Arizona, California, Connecticut, Illinois, Maryland, Massachusetts, New York, New Jersey, Pennsylvania, Virginia and Washington, D.C. It operates more than 100 stores, primarily under the Beeper Warehouse name.
