BLUE BELL, Pa., July 26, 2013 (GLOBE NEWSWIRE) -- UniTek Global Services, Inc. ("UniTek" or the "Company") (Nasdaq:UNTK), a premier provider of permanently outsourced infrastructure services to the telecommunications, broadband cable, wireless, transportation, public safety and satellite television industries, today announced that it has closed the previously announced amendment to its Term Credit Agreement (the "Term Amendment"). The Term Amendment waives all existing defaults and resets financial and other covenants related to the Company's previously announced financial restatements. The facility will keep its original maturity date of April 15, 2018.
In conjunction with the closing of the Term Amendment, the previously issued 180-day notice of the termination of the master services agreement between the Company's DirectSat subsidiary and DIRECTV, LLC, has been withdrawn.
Rocky Romanella, Chief Executive Officer of UniTek Global Services, said, "We are grateful for DIRECTV's ongoing support. Their willingness to work with us through our efforts to refinance the debt is indicative of the strength of our relationship, and we are pleased to be in a position to continue in our role as an integrated, value-added fulfillment service provider for them."Dave Baker, Senior Vice President of DIRECTV, stated, "We are pleased that UniTek was able to satisfy the requirements for the automatic withdrawal of the termination notice. Throughout this process, they have maintained the high levels of service and performance that we have come to expect from them, and we look forward to continuing our relationship." "Our work on the financial restatements is progressing toward completion, and with the recently closed refinancing of the ABL Revolver, this comprehensive amendment to our Term Loan and the rescission of the DIRECTV termination notice, our team is more energized and more committed than ever to meeting our near- and longer-term growth objectives. We have made great progress recently, and look forward to the completion of additional milestone events in this process," concluded Mr. Romanella.