Vivid Seats, a marketplace that utilizes its technology platform to connect millions of buyers with thousands of ticket sellers across hundreds of thousands of events each year, completed the refinancing of its existing credit facility.
Vivid Seats amended and extended its existing credit agreement and placed a seven-year $275 million Term Loan B along with a $100 million five-year first lien revolving credit facility. The Term Loan B will carry an interest rate of SOFR + 3.25% and a 0.50% floor which compares to the prior facility which was priced at LIBOR + 3.50% with a 1.00% floor. The company will maintain its net cash position while increasing total available liquidity through full access to the undrawn $100 million revolving credit facility.
“As we begin our journey as a public company, we are pleased to enhance our financial flexibility by extending the duration of our outstanding debt, increasing liquidity via a new revolving credit facility and reducing annual debt service expense,” Lawrence Fey, CFO of Vivid Seats, said. “We believe this refinancing positions Vivid Seats to continue to invest in our future growth.”
