Entravision, a global advertising solutions, media and technology company, entered into a $275 million credit facility, consisting of a $200 million term loan A and a $75 million revolving credit facility. Led by Bank of America, Wells Fargo and J.P. Morgan Chase, the new credit facility replaces the company’s existing credit facility entered into on Nov. 30, 2017.
“The closing of this facility in this volatile financial market is a testament to the continued financial strength of our Company,” Chris Young, interim chief executive officer and chief financial officer of Entravision, said. “Our new facility extends the maturity of Entravision’s outstanding debt, while at the same time increases the flexibility of our strong balance sheet. We remain well-capitalized as we continue to execute on our long-term strategic plan and show leadership in the global digital media industry.”
Entravision anticipates it will use the proceeds from the new credit facility to fund its working capital needs, acquisitions and other general corporate purposes.
