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Wells Fargo Capital Finance Extends Credit Facility for MDC Partners

June 01, 2020, 08:00 AM
Filed Under: Industry News

MDC Partners Inc. announced that the Company has amended its existing senior secured revolving credit facility with Wells Fargo Capital Finance, LLC, as agent, extending the maturity date to February 3, 2022.

"We are pleased to have successfully extended our credit facility, particularly within this unprecedented environment," said Mark Penn, Chairman and Chief Executive Officer of the Company. "We appreciate the support of our longstanding lending partners who recognized the underlying strength of our business in putting together this amendment, which ensures continued financial flexibility as we lead our clients through this period. Over the last year, we have significantly improved our operating performance, balance sheet strength, cash generation and go-to-market strategy. Despite global economic conditions in the quarter, we have maintained a net borrowing position of zero under the facility after taking into account cash on hand. Given all of this, echoing another CEO, I would say that MDC is indeed a 'very valuable company at these prices.'"

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