WFCF Arranges MDC $100MM Facility Increase
MDC Partners and its subsidiaries have entered into an increase and amendment of its revolving credit facility. Among other benefits, the amendment (i) expands the commitments under the facility by $100 million, from $225 million to $325 million; (ii) extends the maturity date by an additional 18 months to September 30, 2019; (iii) reduces the base borrowing interest rate by 25 bps; and (iv) modifies certain covenants to provide the company with increased flexibility to fund its continued growth and other general corporate purposes. As of October 23, 2014, the company had zero borrowing on the line of credit.
The credit facility has been arranged by Wells Fargo Capital Finance, with participation by JPMorgan Chase Bank, Goldman Sachs Lending Partners, Citizens Bank, Bank of Montreal, Royal Bank of Canada and NYCB Specialty Finance Company.
“We are pleased with the broad support by our expanded lender group, which includes both existing and new relationships,” said David Doft, the company’s CFO. “The new credit facility increases our capital base, reduces our cost of capital, and provides further financial flexibility to help fund MDC’s growing business. This, together with our strong balance sheet and liquidity position, makes for a very attractive financial foundation for MDC to grow.”
MDC Partners is a large business transformation organization that utilizes technology, marketing communications, data analytics, insights and strategic consulting solutions to drive meaningful returns on marketing and communications investments.