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SVB, U.S. Bank Arrange Demand Media’s $225MM Credit Facility

September 04, 2013, 07:46 AM
Filed Under: Technology

Demand Media has entered into a new $225 million credit facility comprised of a $125 million revolving credit facility and a $100 million term loan. The new facility, which matures in August 2018, replaces the company’s existing $105 million revolving credit facility that was due to expire in August 2016. The new credit facility has an accordion feature under which it can increase to a maximum of $250 million, subject to certain conditions.

“This new credit facility, which was upsized during the syndication process, provides Demand Media with significant additional flexibility and liquidity to pursue our strategic objectives, including the previously announced spin-off of our domain services businesses,” said Chief Financial Offer Mel Tang. “We appreciate the significant support we have received from our existing lenders, and look forward to working with the other new banks in our syndicate.”

Silicon Valley Bank and U.S. Bank National Association acted as Joint Book Managers and Joint Lead Arrangers, with Silicon Valley Bank as Administrative Agent and U.S. Bank National Association as Syndication Agent; Fifth Third Bank as Documentation Agent; Comerica Bank, Citibank N.A., Union Bank N.A., OneWest Bank FSB, and Goldman Sachs Bank USA as participants.

Demand Media, Inc. is a leading digital media and domain services company that informs and entertains one of the internet’s largest audiences, helps advertisers find innovative ways to engage with their customers and enables publishers, individuals and businesses to expand their online presence. Headquartered in Santa Monica, CA, Demand Media has offices in North America, South America and Europe.

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