SVB, Others Provide Demand Media With $225MM Facility
Demand Media announced that it entered into a new $225 million credit facility comprised of a $125 million revolving credit facility and a $100 million term loan.
Silicon Valley Bank and U.S. Bank acted as joint book managers and joint lead arrangers. Silicon Valley Bank also served as administrative agent and U.S. Bank acted as syndication agent. Also, Fifth Third Bank served as documentation agent; and Comerica Bank, Citibank, Union Bank, OneWest Bank and Goldman Sachs Bank USA were participants.
The new facility, which matures in August 2018, replaces the company’s existing $105 million revolving credit facility that was due to expire in August 2016. The new credit facility has an accordion feature under which it can increase to a maximum of $250 million, subject to certain conditions.
Demand Media is a digital media and domain services company.