The Trade Desk, a provider of a global technology platform for buyers of advertising, entered into a $200 million, five-year senior secured credit facility. Citibank acted as lead arranger and administrative agent, with City National Bank, East West Bank, US Bank, Union Bank and Bank HaPaolim as additional lenders.
The facility enables the company to borrow up to $200 million on a revolving basis at an annual rate of either prime or LIBOR, plus an applicable margin. The facility is for working capital, acquisitions and other general corporate purposes.
The credit facility contains customary affirmative and negative covenants, as well as a springing financial covenant based upon the company’s availability under the credit facility.
“We are really pleased to close on this secured credit facility at very attractive interest rates in an oversubscribed deal from such a strong group of lenders,” said Paul Ross, CFO of The Trade Desk. “This revolver will provide the company with financial flexibility to facilitate our growth, manage working capital and support corporate objectives.”