NEW YORK, March 31, 2021 (GLOBE NEWSWIRE) – Fluent, Inc. (NASDAQ: FLNT), a leading data-driven performance marketing company, today announced the signing of a new agreement five-year credit facility, in the amount of $ 50.0 million, a term loan and revolving credit facility of up to $ 15.0 million, provided by Citizens Bank, NA, as administrative agent, principal arranger and bookrunner, and BankUnited, NA and Silicon Valley Bank.
The proceeds of the term loan will be used to repay all amounts outstanding under Fluent’s previous credit facility (the “Refinanced Term Loan”), to pay transaction fees and expenses, as well as for the fund. turnover and other general business objectives.
Borrowings under the new credit facility bear a variable interest rate with a LIBOR range of between 1.75% and 2.75%, which compares favorably with a LIBOR margin of 7.00% under the refinanced term loan. The new credit facility will mature on March 31, 2026.
“This refinancing brings many benefits to Fluent, including a significant reduction in the cost of our debt capital, improved financial flexibility and additional capital injection to support future growth opportunities,” commented Alex Mandel, Managing Director financier of Fluent.
Ryan Schulke, CEO of Fluent, said: “We are delighted to partner with Citizens Bank, BankUnited and SVB on this important transaction and on our journey ahead. By providing this new credit facility, these strategic capital relationships demonstrate confidence in our long-term strategic plan and our market opportunities. We also sincerely appreciate HIG Whitehorse for their partnership and support under our previous credit facility over the past five years.
Fluent, Inc. (NASDAQ: FLNT) is a leading performance marketing company with expertise in creating meaningful connections between consumers and brands. Leveraging our proprietary data assets with proprietary opt-in consumer profiles, Fluent, Inc. drives smart growth strategies that deliver superior results. Founded in 2010, the company is headquartered in New York.
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