Magnite Announces Closing of New Senior Secured Revolving Credit and Term Loan Facilities
06 Febbraio 2024 - 10:05PM
Magnite (NASDAQ: MGNI), the world's largest
independent sell-side advertising company, today announced the
closing of $540.0 million of new senior secured credit facilities
(the “New Credit Facilities”). In addition, the company announced
that its Board of Directors approved a new $125.0 million common
stock and convertible note repurchase program.
The New Credit Facilities include a $365.0 million senior
secured term loan facility that matures in February 2031 (the “New
Term Loan Facility”), with no springing maturity relating to the
Company’s Convertible Notes due March 2026, as well as a $175.0
million senior secured revolving credit facility that matures in
February 2029 (the “New Revolving Credit Facility”).
Proceeds from the new credit facilities were used to fully
refinance the Company’s existing senior secured $360.0 million term
loan facility and $65.0 million revolving credit facility, and to
pay fees and expenses associated with the transaction. As of
December 31, 2023, the outstanding principal amount of the existing
term loan facility was $351.0 million, and the Company had $0 of
outstanding borrowings under the existing revolving credit
facility.
The New Term Loan Facility bears interest at Term SOFR + 4.5%
(compared to Adjusted Term SOFR + 5.0% under the existing term loan
facility) and was issued with a 99.0% original issue discount.
Loans under the New Revolving Credit Facility will bear interest at
Term SOFR plus a margin ranging from 3.5% - 4.0% (compared to 4.25%
- 4.75% under the existing revolving credit facility).
In addition, the Company’s Board of Directors approved a
repurchase program, under which the company is authorized to
purchase up to $125.0 million of its common stock and convertible
notes through February 1, 2026. The repurchase program allows the
company to repurchase its common stock or convertible notes using
open market stock purchases, privately negotiated transactions,
block trades or other means in accordance with U.S. securities
laws. The number of securities repurchased, if any, and the timing
of repurchases will depend on a number of factors, including, but
not limited to, price, trading volume and general market
conditions, along with working capital requirements, general
business conditions, other opportunities that the company may have
for the use or investment of its capital and other factors.
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 new credit facilities and repurchase
program. 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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