MIAMI—Mobile-phone distributor Brightstar Corp. said it has completed expansion of a $250 million credit facility.
PNC Financial Services Group Inc. led syndication of the credit facility; other investors included HSBC, USBank, Fifth Third Bank, Western Bank, CIT and IBM. Brightstar, which claims to serve 220 wireless carriers and 25,000 mobile virtual network operators, said it will use the funds for “working capital needs” and to support global expansion efforts.
“Because of our existing relationship with Brightstar management and an understanding of the critical role of the company in the wireless supply chain today and in the future, PNC continues to help finance Brightstar’s growth,” said Ed Chonko, PNC’s vice president.
