Praesidian issues senior debt to Fusion

The US private debt group issued $25.5m of senior notes to back the acquisition of Broadvox’s business services division by cloud communications company Fusion.  

Praesidian Capital led a $25.5 million investment of five-year senior notes to Fusion in support of the company’s acquisition of Broadvox’s business services division, the firm announced in a statement on Thursday.

The cloud communications and service company raised an additional $18.5 million in equity through a private placement. Funds from the transaction will also be put towards general corporate purposes, according to the statement.

Praesidian previously worked with Fusion on its acquisition of Network Billing Systems in 2012. The firm had not responded to a request for comment at press time. 

Praesidian specialises in providing senior and subordinated debt to small and mid-market companies, typically in support of a buyout, recapitalisation or refinancing. The firm is based in New York City and manages more than $850 million in committed capital.

Earlier this month, the firm announced that it had promoted associate Tom Duffy to vice president.