Vonage May Get Fresh CEO Along With Financing

The VoIP provider and Silver Point are establishing the terms and conditions for up to $215 million in private debt financing. By W. David Gardner InformationWeek VoIP provider Vonage Holdings has tailored a deal with hedge fund Silver Point Finance LLC that will keep the firm operating as the company prepares to name a new chief executive to replace founder and chairman Jeffrey Citron, according to a report in Friday's Wall Street Journal. Vonage said it has a commitment with Silver Point establishing the terms and conditions for up to $215 million in private debt financing. Silver point will provide $125 million in the deal, the company said. "Refinancing our existing debt has been a key priority for the company," said John S. Rego, Vonage executive vice president and chief financial officer, in a statement. "We believe... [read full story]