MGNI - Magnite Announces Closing of New Senior Secured Revolving Credit and Term Loan Facilities | Benzinga
NEW YORK, Feb. 06, 2024 (GLOBE NEWSWIRE) -- 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 ...