Propel Media entered into a new five-year, $50 million term loan and $7 million revolver credit facility with MGG Investment Group.
The original $81 million term and $15 million revolving facility was entered into in January 2015 in connection with Propel Media’s merger with Future Ads. The original facility was set to mature in January 2019 and had $53.2 million outstanding when it was retired in full on May 30, 2018.
In connection with its 2015 merger with Future Ads, Propel incurred a $10 million deferred obligation to Future Ads’ former owners. On May 31, 2018, the company paid $5 million of this obligation. The company and the former owners of Future Ads have agreed to extend the due date of the final $5 million payment to June 30, 2023.
“We have successfully refinanced our credit facility with MGG, which participated in our original 2015 financing and has been an excellent partner over the last three and a half years,” said Marv Tseu, chief executive of Propel Media.
Propel Media connects digital marketers with unique audiences through intent-based technology.
