LendingTree, an online financial services marketplace, secured up to $175 million in financing in the form of a first lien term loan facility from funds managed by Apollo affiliates.
LendingTree intends to draw $125 million of the facility upon funding, while the remainder will be available as a delayed draw during the following 12 months. The company will use the funds for general corporate purposes, which may include the repayment of existing debt.
“This financing with Apollo Funds represents a critical step in the growth trajectory of our business as we build on the significant progress to-date in streamlining our company and fortifying our balance sheet while we continue to innovate on behalf of our customers and partners,” Trent Ziegler, CFO at LendingTree, said. “With an improved financial position, we believe the business is well positioned to capitalize on attractive opportunities across the LendingTree ecosystem.”
“We are pleased to support LendingTree with this customized financing solution to enhance the company’s financial flexibility and better position it to navigate the current market environment,” Robert Givone, a partner at Apollo, said.
