NEW YORK-TSR Paging Inc., Fort Lee, N.J., announced Oct. 29 it has closed on a new $175 million credit facility, which represents a $50 million increase over its existing facility.
Syndicated among eight banks, the new credit facility was oversubscribed by 70 percent, TSR said. First National Bank of Chicago acted as agent, while Fleet National Bank and PNC Bank N.A. were coagents.
“Our goal is to satisfy all of our customers needs,” said Mitchell Sacks, president of TSR. “The new credit facility will allow us to accomplish that by increasing the number of stores in both new and existing markets, expanding our product line and continuing to grow the scope and depth of our geographic coverage.”
TSR Paging has more than 150 TSR Wireless retail locations nationwide today, the company said. The growing product line at these retail outlets includes pagers, personal communications services and cellular phones, two-way radios and accessories.
The carrier, which has about 1.4 million pagers in service, is the largest privately held paging company in the country. TSR has paging operations in Arizona, California, Connecticut, Illinois, Maryland, Massachusetts, Nevada, New York, Pennsylvania, Virginia and Washington, D.C.
