Monroe Credit Advisors announced today that it placed a $15 million senior secured credit facility for UK-based SafeGuard World International (“SafeGuard”). SafeGuard is a leading international provider of global payroll, employment outsourcing and human resources services. Proceeds of the facility were used to finance a number of growth and technology initiatives.
Brent Krambeck, Co-Managing Partner of Monroe Credit Advisors, said, “We are very pleased that we were able to deliver a debt solution for this highly energized management team. SafeGuard historically had pursued equity to help finance growth and was engaged in that process prior to our involvement. We believed that the company would be attractive to venture debt investors that could understand the credit attributes and value proposition of the business. Through our materials and process, we were able to deliver six different debt options for the company to consider which were all significantly less expensive than equity.”
SafeGuard’s products enable Fortune 500 and other mid-market multinational enterprises to manage their global payroll requirements under a single platform. The company’s solutions are cloud-based and provide for a secure, accurate and compliant way for its clients to process payrolls for employees working in over 160 different countries around the world.
Bjorn Reynolds, SafeGuard’s CEO, said, “SafeGuard World International is leading the market in the field of global payroll; however, we want to continue to invest in the global payroll cloud to further enhance our users experience. Monroe Credit Advisors performed brilliantly helping us secure a lending partner that will be key to executing our growth plans. They created a number of financing options for us to consider and were a great outsourced solution for our organization.”
Monroe Credit Advisors continues to execute engagements with middle market companies seeking a debt solution with lenders beyond the local market, particularly for non-sponsored cash flow transactions. Krambeck adds, “The SafeGuard transaction is an excellent example of how our clients use us as an added resource to their team to structure the credit facility, prepare the materials and manage the entire capital raising process.”
Cross Border Strategies LLC advised on cross-border structure and international secured lending customs and practices.
Monroe Credit Advisors, the investment banking affiliate of middle market lender, Monroe Capital, provides debt capital solutions to middle market companies and their investors through strategies built for today's dynamic credit markets. The firm advises on structuring and arranging credit through its relationships with a broad spectrum of debt providers including banks, commercial finance companies, debt investment funds and leasing companies.