Big Red sends its regards
Support biz Rimini Street’s net losses have skyrocketed to $48.4m in the latest quarter as a result of debt payoffs.
The firm yesterday announced results for the three months to 30 September – in which it pulled in revenues of $62.6m – saying that it had now completed refinancing its credit facility after the long-running legal battle with Oracle.
According to chief bean-counter Tom Sabol, the firm’s total debt has now been reduced to about $3m, which “improves the balance sheet and lowers our cost of capital going forward”.
Rimini Street announced last quarter it had secured a $140m equity financing agreement in order to pay off its outstanding obligations under its credit facility – which totalled $132.8m.
However, the final payment in this quarter has made quite an impact on the firm’s net losses, which were $48.
