Magnite Successfully Completes Term Loan Repricing
Magnite (NASDAQ: MGNI), the world's largest independent sell-side advertising company, has successfully repriced its $364 million senior secured term loan facility. The repricing reduces the interest rate by 75 basis points to Term SOFR + 3.75% from the previous rate of Term SOFR + 4.5%. This represents a cumulative reduction of 125 basis points compared to the rate prior to the February refinancing. The Term Loan's maturity remains unchanged at February 2031, and all other terms are substantially the same. This repricing is expected to result in over $2.7 million in yearly interest payment savings for Magnite. The company's convertible notes due March 2026 and undrawn revolving credit facility maturing in February 2029 are unaffected by this repricing.
Magnite (NASDAQ: MGNI), la più grande azienda indipendente al mondo nel settore della pubblicità sell-side, ha riuscito a rinegoziare il proprio prestito senior garantito di 364 milioni di dollari. La rinegoziazione riduce il tasso d'interesse di 75 punti base a Term SOFR + 3,75%, rispetto al tasso precedente di Term SOFR + 4,5%. Ciò rappresenta una riduzione cumulativa di 125 punti base rispetto al tasso precedente al rifinanziamento di febbraio. La scadenza del prestito rimane invariata a febbraio 2031 e tutti gli altri termini rimangono sostanzialmente gli stessi. Si prevede che questa rinegoziazione porterà a oltre 2,7 milioni di dollari di risparmi annuali sugli interessi per Magnite. Le obbligazioni convertibili in scadenza a marzo 2026 e la linea di credito revolving non utilizzata che scade a febbraio 2029 non sono interessate da questa rinegoziazione.
Magnite (NASDAQ: MGNI), la mayor empresa de publicidad independiente sell-side del mundo, ha conseguido reestructurar su préstamo garantizado senior de 364 millones de dólares. La reestructuración reduce la tasa de interés en 75 puntos básicos a Term SOFR + 3.75%, desde la tasa anterior de Term SOFR + 4.5%. Esto representa una reducción acumulativa de 125 puntos básicos en comparación con la tasa antes del refinanciamiento de febrero. El vencimiento del préstamo se mantiene sin cambios en febrero de 2031, y todos los otros términos son prácticamente los mismos. Se espera que esta reestructuración resulte en más de 2.7 millones de dólares en ahorros anuales en pagos de intereses para Magnite. Las notas convertibles de la empresa que vencen en marzo de 2026 y la línea de crédito revolvente no utilizada que vence en febrero de 2029 no se ven afectadas por esta reestructuración.
Magnite (NASDAQ: MGNI), 세계 최대의 독립적인 판매측 광고 회사는 3억 6400만 달러 규모의 선순위 담보 대출 조건을 성공적으로 재조정했습니다. 재조정으로 인해 이자율이 75베이시스 포인트 감소하여 Term SOFR + 3.75%로 조정되며, 이전 이자율은 Term SOFR + 4.5%였습니다. 이는 2월 재융자 이전 이자율 대비 누적 125베이시스 포인트 감소를 의미합니다. 대출 만기는 2031년 2월로 변경되지 않으며, 모든 다른 조건은 사실상 동일합니다. 이번 재조정으로 Magnite은 연간 이자 지급에서 270만 달러 이상의 절감 효과가 발생할 것으로 예상됩니다. 2026년 3월 만기 convertible notes와 2029년 2월 만기 미사용 회전 대출은 이번 재조정의 영향을 받지 않습니다.
Magnite (NASDAQ: MGNI), la plus grande entreprise indépendante de publicité sell-side au monde, a réussi à renégocier son prêt senior garanti de 364 millions de dollars. Cette renégociation réduit le taux d'intérêt de 75 points de base pour passer à Term SOFR + 3,75 %, par rapport à l'ancien taux de Term SOFR + 4,5 %. Cela représente une réduction cumulative de 125 points de base par rapport au taux avant le refinancement de février. L'échéance du prêt reste inchangée à février 2031 et toutes les autres conditions sont pratiquement les mêmes. Cette renégociation devrait entraîner plus de 2,7 millions de dollars d'économies annuelles sur les paiements d'intérêts pour Magnite. Les billets convertibles de l'entreprise arrivant à échéance en mars 2026 et la ligne de crédit revolvant non utilisée arrivant à échéance en février 2029 ne sont pas affectés par cette renégociation.
Magnite (NASDAQ: MGNI), das weltweit größte unabhängige Unternehmen im Bereich sell-side Werbung, hat erfolgreich sein 364 Millionen Dollar schweres Senior Secured Term Loan Facility umstrukturiert. Die Umstrukturierung senkt den Zinssatz um 75 Basispunkte auf Term SOFR + 3,75%, von zuvor Term SOFR + 4,5%. Dies stellt eine kumulative Reduzierung von 125 Basispunkten im Vergleich zum Zinssatz vor der Refinanzierung im Februar dar. Die Fälligkeit des Term Loans bleibt unverändert bis Februar 2031, und alle anderen Bedingungen bleiben im Wesentlichen gleich. Es wird erwartet, dass diese Umstrukturierung zu über 2,7 Millionen Dollar an jährlichen Zinsersparnissen für Magnite führt. Die Unternehmensanleihen, die im März 2026 fällig werden, und die ungenutzte revolvierende Kreditlinie, die im Februar 2029 fällig wird, sind von dieser Umstrukturierung nicht betroffen.
- Interest rate reduced by 75 basis points, resulting in over $2.7 million annual interest payment savings
- Cumulative interest rate reduction of 125 basis points since February refinancing
- No changes to loan maturity or other substantial terms
- None.
Insights
This successful repricing of Magnite's term loan is a positive development for the company's financial health. The
The cumulative
Magnite's successful loan repricing reflects positively on its market position as the "world's largest independent sell-side advertising company." This move suggests that lenders view Magnite favorably, indicating strong business fundamentals and future prospects in the digital advertising sector. The ad tech industry is highly competitive and Magnite's ability to secure better loan terms demonstrates its financial strength and market credibility.
For investors, this development signals Magnite's potential for improved profitability and reinvestment capabilities. The
Reduces Interest Rate by 75 Basis Points, Over
NEW YORK, Sept. 18, 2024 (GLOBE NEWSWIRE) -- Magnite (NASDAQ: MGNI), the world's largest independent sell-side advertising company, today announced the successful repricing of the outstanding loans under its senior secured term loan facility (Term Loan) due in February 2031.
The
About Magnite
We’re Magnite (NASDAQ: MGNI), the world’s largest independent sell-side advertising company. Publishers use our technology to monetize their content across all screens and formats including CTV, online video, display, and audio. The world's leading agencies and brands trust our platform to access brand-safe, high-quality ad inventory and execute billions of advertising transactions each month. Anchored in bustling New York City, sunny Los Angeles, mile high Denver, historic London, colorful Singapore, and down under in Sydney, Magnite has offices across North America, EMEA, LATAM, and APAC.
Forward-Looking Statements:
This press release includes forward-looking statements, including with respect to our repricing plans. Investors should not place undue reliance on these forward-looking statements. Some of the forward-looking statements can be identified by the use of forward-looking terms such as “believes,” “expects,” “may,” “will,” “shall,” “should,” “would,” “could,” “seeks,” “aims,” “projects,” “is optimistic,” “intends,” “plans,” “estimates,” “anticipates,” “proposed” or other comparable terms. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control, including, without limitation, the risks and uncertainties discussed in the “Risk Factors” section in the company’s reports filed with the U.S. Securities and Exchange Commission. Investors should read this press release and the documents that we have filed or will file with the SEC completely and with the understanding that our actual future results may be materially different from what we expect. The Company assumes no obligation to update the information contained herein, which speaks only as of the date hereof.
Investor Relations Contact
Nick Kormeluk
(949) 500-0003
nkormeluk@magnite.com
FAQ
What is the new interest rate for Magnite's (MGNI) term loan after the September 2024 repricing?
How much will Magnite (MGNI) save annually from the September 2024 term loan repricing?
When does Magnite's (MGNI) repriced term loan mature?
How does the September 2024 repricing affect Magnite's (MGNI) convertible notes and revolving credit facility?
