MGNI - Magnite Announces Intention to Refinance Existing Credit Facilities | Benzinga
NEW YORK, Jan. 22, 2024 (GLOBE NEWSWIRE) -- 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 ...