Outbrain Announces Closing of New Senior Secured Notes Due 2030
Outbrain (NASDAQ: OB), now operating under the Teads brand, has successfully closed a private offering of $637.5 million in 10.000% senior secured notes due 2030. The notes were issued at 98.087% of the principal amount, exceeding the initially announced $625.0 million.
The notes will be guaranteed jointly and severally on a secured, unsubordinated basis by Outbrain and its qualifying wholly owned subsidiaries. The proceeds, combined with cash on hand, were used to fully repay and cancel the senior secured bridge facility that funded the Teads acquisition, along with covering associated fees and expenses.
Outbrain (NASDAQ: OB), ora operante sotto il marchio Teads, ha concluso con successo un'offerta privata di $637,5 milioni in obbligazioni senior garantite con scadenza nel 2030 al tasso del 10.000%. Le obbligazioni sono state emesse al 98,087% dell'importo nominale, superando i $625,0 milioni inizialmente annunciati.
Le obbligazioni saranno garantite congiuntamente e severamente su base garantita e non subordinata da Outbrain e dalle sue filiali totalmente possedute che soddisfano i requisiti. I proventi, insieme ai fondi disponibili, sono stati utilizzati per rimborsare completamente e cancellare il finanziamento ponte senior garantito che ha finanziato l'acquisizione di Teads, insieme a coprire le spese e gli oneri associati.
Outbrain (NASDAQ: OB), ahora operando bajo la marca Teads, ha cerrado con éxito una oferta privada de $637.5 millones en notas senior garantizadas al 10.000% con vencimiento en 2030. Las notas se emitieron al 98.087% del monto principal, superando los $625.0 millones inicialmente anunciados.
Las notas estarán garantizadas de manera conjunta y solidaria en una base garantizada y no subordinada por Outbrain y sus subsidiarias totalmente poseídas que cumplan con los requisitos. Los fondos, combinados con el efectivo disponible, se utilizaron para reembolsar y cancelar completamente la facilidad de puente senior garantizada que financió la adquisición de Teads, además de cubrir las tarifas y gastos asociados.
아웃브레인 (NASDAQ: OB), 현재 테드 브랜드로 운영 중인, 2030년 만기 10.000% 고정 수익 채권 6억 3,750만 달러 규모의 사모공모를 성공적으로 마감했습니다. 채권은 원금의 98.087%로 발행되었으며, 처음 발표된 6억 2,500만 달러를 초과했습니다.
채권은 아웃브레인과 자격을 갖춘 완전 자회사들에 의해 보장됩니다. 수익금과 보유 현금은 테드 인수 자금을 조달했던 고정 수익 브리지 시설을 전액 상환 및 취소하는 데 사용되었으며, 관련 수수료 및 비용을 충당하는 데에도 사용되었습니다.
Outbrain (NASDAQ: OB), maintenant opérationnel sous la marque Teads, a réussi à finaliser une offre privée de 637,5 millions USD en obligations senior garanties à 10,000% arrivant à échéance en 2030. Les obligations ont été émises à 98,087% du montant nominal, dépassant le montant initialement annoncé de 625,0 millions USD.
Les obligations seront garanties de manière conjointe et solidaire sur une base garantie et non subordonnée par Outbrain et ses filiales entièrement détenues répondant aux critères. Les produits, combinés à la trésorerie existante, ont été utilisés pour rembourser intégralement et annuler la facilité de pont senior garantie qui a financé l'acquisition de Teads, en plus de couvrir les frais et dépenses associés.
Outbrain (NASDAQ: OB), das jetzt unter der Marke Teads operiert, hat erfolgreich ein privates Angebot von 637,5 Millionen USD in 10.000% Senior Secured Notes mit Fälligkeit 2030 abgeschlossen. Die Notes wurden zu 98,087% des Nennbetrags ausgegeben, was das anfänglich angekündigte Volumen von 625,0 Millionen USD überstieg.
Die Notes werden gemeinsam und solidarisch auf einer gesicherten, nicht nachrangigen Basis von Outbrain und ihren qualifizierten, vollständig im Besitz befindlichen Tochtergesellschaften garantiert. Die Einnahmen, zusammen mit verfügbaren Mitteln, wurden verwendet, um die Senior Secured Bridge Facility, die die Teads-Akquisition finanziert hat, vollständig zurückzuzahlen und zu kündigen sowie um die damit verbundenen Gebühren und Kosten zu decken.
- Successfully raised $637.5 million, exceeding initial target of $625.0 million
- Refinanced bridge facility with longer-term debt due 2030
- High interest rate of 10.000% on the new notes
- Notes issued at a discount (98.087% of principal amount)
- Increased debt burden with secured obligations
Insights
The successful placement of
The 10% coupon rate and 98.087% issue price reflect current market dynamics and the company's credit profile. While the interest cost is substantial, the conversion of bridge financing to long-term debt significantly reduces refinancing risk and provides operational stability through 2030. The joint and several guarantees from subsidiaries, coupled with the secured nature of the notes, offer strong creditor protection, which likely helped optimize pricing despite challenging market conditions.
From a strategic perspective, this refinancing achieves three critical objectives:
- Eliminates short-term refinancing pressure from the bridge facility
- Establishes a more predictable long-term capital structure
- Maintains flexibility under the super senior revolving credit facility for working capital needs
The successful execution of this offering strengthens Outbrain's financial foundation as it integrates Teads and pursues growth in the digital advertising space. The extended maturity profile to 2030 provides ample runway for synergy realization and strategic initiatives, though the high-yield nature of the financing underscores the importance of strong operational execution to support debt service obligations.
NEW YORK, Feb. 11, 2025 (GLOBE NEWSWIRE) -- Outbrain Inc. (NASDAQ: OB), which is operating under the new Teads brand, today announced the successful closing of its Rule 144A/Reg S private offering (the “Offering”) of
The size of the Offering was increased from the previously announced
The proceeds of the Offering were used, together with cash on hand, to repay in full and cancel the indebtedness incurred under the senior secured bridge facility (the “Bridge Facility”), including accrued and unpaid interest thereon, that was used to finance and pay costs related to the acquisition of Teads, as well as pay fees and expenses incurred in connection with the Offering and the Bridge Facility refinancing.
About The Combined Company
Outbrain Inc. (Nasdaq: OB) and Teads combined on February 3, 2025 and are operating under the new Teads brand. The new Teads is the omnichannel outcomes platform for the open internet, driving full-funnel results for marketers across premium media. With a focus on meaningful business outcomes, the combined company ensures value is driven with every media dollar by leveraging predictive AI technology to connect quality media, beautiful brand creative, and context-driven addressability and measurement. One of the most scaled advertising platforms on the open internet, the new Teads is directly partnered with more than 10,000 publishers and 20,000 advertisers globally. The company is headquartered in New York, with a global team of nearly 1,800 people in 36 countries.
To learn more, visit www.outbrain.com or www.teads.com
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