Vonage to draw under credit facility to help fund iCorre acquisition

By Wendy Van Sickle

Columbus, Ohio, Aug. 20 – Vonage Holdings Corp. will borrow from its revolving credit facility to fund part of its $92 million acquisition of iCore Networks, Inc., according to a company news release.

Vonage will also use cash on hand to pay for the acquisition.

The company said the transaction will result in pro forma net debt to adjusted EBITDA of about 1.5 times for the last 12 months as of June 30.

The transaction is expected to close in the third quarter of 2015.

Vonage provides communication services through broadband devices and is based in Holmdel, N.J. Based in McLean, Va., iCore is a provider of Unified Communications-as-a-Service (UCaaS) for businesses.

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