The Company's pro forma adjusted interest expense for the first quarter of 2013 was $46.4 million compared to actual interest expense of $72.9 million. Pro forma adjusted interest reflects the impact of lower debt balances and lower interest rates post IPO. Approximately $12.4 million of the pro forma adjustment relates to the savings expected for the full quarter from the anticipated redemption of the $450 million senior subordinated notes and the remaining amount relates to the savings for the full quarter associated with the pricing amendment to the senior secured term loan facilities as if these transactions had been completed January 1, 2013.The amendment of the $2.4 billion senior secured term loan facilities was completed on February 20, 2013. This amendment will reduce the annual cash interest expense run rate by $47 million and extend the maturity of $1.1 billion of term loans to June 2018. The Company's net debt to pro forma Adjusted EBITDA ratio, as calculated pursuant to the Company's senior secured term debt facilities, was 4.68x at March 31, 2013. During the first quarter of 2013, the Company invested $23.3 million, or 3.5 percent of revenues, in capital expenditures primarily for software and computer equipment. Initial Public Offering On March 27, 2013, the Company completed its initial public offering of 21.275 million shares of common stock ("IPO"). Proceeds from the IPO, net of underwriting discounts, were $401 million. The Company intends to use the proceeds of the IPO and cash on hand to redeem its $450 million of 11 percent senior subordinated notes. The redemption date for the senior subordinated notes is April 26, 2013 at a redemption price equal to 103.667 percent of the principal amount. This redemption will reduce the Company's annual cash interest expense run rate by $49.5 million. "We are excited to have completed our senior term loan amendment in February and IPO in March. This amendment and equity offering provides West Corporation with annual run rate interest savings of $97 million. This will benefit the Company with an improved capital structure, reduced leverage and greater overall financial flexibility," said Paul Mendlik.