FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


WFCF Arranges MDC Partners’ Credit Facility Increase to $325MM

October 24, 2014, 07:43 AM
Filed Under: Marketing

MDC Partners Inc. and its subsidiaries have entered into an increase and amendment of its revolving credit facility. Among other benefits, the amendment: (i) expands the commitments under the facility by $100 million, from $225 million to $325 million; (ii) extends the maturity date by an additional eighteen months to September 30, 2019; (iii) reduces the base borrowing interest rate by 25 basis points; and (iv) modifies certain covenants to provide the vompany with increased flexibility to fund its continued growth and other general corporate purposes. As of October 23, 2014, the Company had zero borrowing on the line of credit.

"We are pleased with the broad support by our expanded lender group, which includes both existing and new relationships," said David Doft, the company's Chief Financial Officer. "The new credit facility increases our capital base, reduces our cost of capital, and provides further financial flexibility to help fund MDC's growing business. This, together with our strong balance sheet and liquidity position, makes for a very attractive financial foundation for MDC to grow."

The credit facility has been arranged by Wells Fargo Capital Finance, LLC, with participation by JPMorgan Chase Bank, N.A., Goldman Sachs Lending Partners, LLC, Citizens Bank, N.A., Bank of Montreal, Royal Bank of Canada, and NYCB Specialty Finance Company, LLC.

Additional information concerning the revolving credit facility can be found in the ompany's Current Report on Form 8-K filed with the SEC. Click here to view MDC Partners 8-K filing.

MDC Partners is one of the leading and fastest-growing global business transformation organizations. MDC's agency partners leverage technology, marketing, communications, data analytics, insights, and strategic consulting solutions to drive meaningful, measurable returns on marketing and communications investments for over 1,500 clients worldwide.

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.