Magnite Announces Intention to Refinance Existing Credit Facilities
22 Gennaio 2024 - 11:00AM
Magnite (NASDAQ: MGNI), the world's largest
independent sell-side advertising company, today announced its
intention to refinance its outstanding senior secured credit
facilities.
The Company intends to
replace its existing credit facilities, consisting of a $360.0
million term loan facility and a $65.0 million revolving credit
facility (the “Existing Credit Facilities”), with a new senior
secured term loan facility with an expected seven-year maturity
(with no springing maturity relating to the Company’s Convertible
Notes due March 2026), and a new senior secured revolving credit
facility with an expected five-year maturity (together, the “New
Credit Facilities”). The Company expects to obtain a new term loan
similar in size to the original term loan facility and to increase
the size of the revolving credit facility.
The net proceeds of the
New Credit Facilities will be used to repay the Existing Credit
Facilities in full and for fees and expenses in connection
therewith, and for general corporate purposes and working capital
of the Company and its subsidiaries. As of December 31, 2023, the
outstanding principal amount of the Existing Term Loan B Facility
was $351.0 million and the Company had $0 of outstanding borrowings
under its Existing Revolving Credit Facility. The consummation of
the refinancing and the entry into the New Credit Facilities is
subject to market and other conditions and there can be no
assurances that the proposed refinancing will be completed.
During the fourth quarter
of 2023, the Company repurchased $70.0 million of the Convertible
Notes for an aggregate purchase price of $60.7 million pursuant to
its previously announced $100 million Repurchase Plan. As of
December 31, 2023, the principal amount of Convertible Notes
outstanding was approximately $205.1 million.
About
Magnite
We’re Magnite (NASDAQ:
MGNI), the world’s largest independent sell-side advertising
company. Publishers use our technology to monetize their content
across all screens and formats including CTV, online video,
display, and audio. The world's leading agencies and brands trust
our platform to access brand-safe, high-quality ad inventory and
execute billions of advertising transactions each month. Anchored
in bustling New York City, sunny Los Angeles, mile high Denver,
historic London, colorful Singapore, and down under in Sydney,
Magnite has offices across North America, EMEA, LATAM, and
APAC.
Forward-Looking
Statements
This press release
includes forward-looking statements, including with respect to our
refinancing plans. Investors should not place undue reliance on
these forward-looking statements. Some of the forward-looking
statements can be identified by the use of forward-looking terms
such as “believes,” “expects,” “may,” “will,” “shall,” “should,”
“would,” “could,” “seeks,” “aims,” “projects,” “is optimistic,”
“intends,” “plans,” “estimates,” “anticipates,” “proposed” or other
comparable terms. Forward-looking statements are subject to known
and unknown risks and uncertainties, many of which may be beyond
our control, including, without limitation, the risks and
uncertainties discussed in the “Risk Factors” section in the
company’s reports filed with the U.S. Securities and Exchange
Commission. Investors should read this press release and the
documents that we have filed or will file with the SEC completely
and with the understanding that our actual future results may be
materially different from what we expect. The Company assumes no
obligation to update the information contained herein, which speaks
only as of the date hereof.
Investor
Relations Contact
Nick
Kormeluk949-500-0003nkormeluk@magnite.com
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