Comerica Leads $100MM Facility for Rocket Fuel
Rocket Fuel announced that it entered December 20, 2013 into a $100 million syndicated credit facility led by Comerica Bank, and including Silicon Valley Bank and City National Bank.
The facility amends and restates Rocket Fuel’s existing loan and security agreement dated April 7, 2010.
J. Peter Bardwick, Rocket Fuel’s CFO, said, “This increase in our banking lines, plus our strong cash position of $125 million at the end of the third quarter, gives us flexibility to fund our growth effectively. We appreciate the support of our lenders and are excited to enter 2014 in such a strong position.”
With the amended facility, Rocket Fuel’s liquidity reserves comprising cash and committed credit facilities will help support future growth and financial flexibility for Rocket Fuel in the coming years. The facility is available to fund working capital growth, capital expenditures and other general corporate purposes. The facility expires on December 20, 2018 with respect to term loans and on December 20, 2016 with respect to revolving loans.
“The innovative work that Rocket Fuel is doing is reflective in its recent successes and growth in the market,” says Dennis Rapoport, Comerica Bank vice president. “We are happy to continue our partnership with Rocket Fuel and excited to see what is in store for 2014.”
Rocket Fuel powers digital advertising and marketing programs for customers in North America, Europe and Japan.