TCW Agents Angie’s List Debt Refi
Angie’s List announced it entered into a new $85 million credit agreement to provide increased financial flexibility for investments in growth. The new debt agreement consists of a five-year, $60 million senior secured term loan facility and a $25 million senior secured delayed draw facility, which is available for borrowing through the third quarter of 2017.
TCW Asset Management Company served as administrative and collateral agent.
Amounts outstanding under the credit agreement bear interest at LIBOR plus 6.75% or the reference rate plus 5.75%, as determined by the Company. The Company used a portion of the proceeds from the term loan to retire $15 million of debt that was outstanding under its prior facility and to pay bank and lender fees and transaction costs.
“With our previous credit facility scheduled to mature in 2015 and an attractive interest rate environment, it is the right time to refinance our debt,” commented Tom Fox, CFO at Angie’s List. “The new debt structure will provide us with additional flexibility and liquidity to continue to invest in growth while reducing our interest rate and further strengthening our balance sheet.”
The credit facility is secured by substantially all of the Company’s assets. The terms of the facility will provide for customary representations and warranties, covenants and events of default.
Angie’s List connects consumers directly to its online marketplace of services from member-reviewed providers, and offers unique tools and support designed to improve the local service experience for both consumers and service professionals.