AcuityAds Holdings, a provider of targeted digital media solutions, announced it has closed approximately C$7.0 million ($5.3 million) in new debt financing.

The company said it has secured a $3.5 million (C$4.6 million) revolving line of credit from Silicon Valley Bank and has also secured a C$2.5 million ($1.8 million) subordinated term loan from a group of private lenders.

“With these new facilities we are now able to retire $4 million of high interest debt with a significantly lower blended interest rate, allowing us to save over $200,000 per year in interest payments,” said Dave Andrews, chief financial officer of AcuityAds.

“The intended use of the surplus proceeds will be to continue investing in our two strategic imperatives; growth in our SaaS-based self-service offering and further expansion of the U.S. marketplace,” said Tal Hayek, chief executive officer of AcuityAds.