Wednesday, September 4, 2013
Demand Media Gets $225M Credit Facility
Santa Monica-based online publisher Demand Media said Tuesday afternoon that it has entered into a new, $225M credit facility, split between a $125M revolving credit facility and a $100M term loan. According to Demand Media, the new facility replaces an existing, $105M revolving credit facility. Demand Media said the new facility has an option to increase the amount to $250M. Demand Media said it would use the new funding with "additional flexibility and liquidity", and in particular to help pursue its strategic objectives and a spin-off of its domain services businesses. The new facility came from Silicon Valley Bank, U.S. Bank, Fifth Third Bank, Comerica Bank, Citibank, Union Bank, OneWest Bank, and Goldman Sachs Bank.