ValueClick amends, restates $400 million five-year revolver

By Marisa Wong

Madison, Wis., Aug. 20 - ValueClick, Inc. executed a second amended and restated credit agreement on Aug. 19 for an up to $400 million senior secured revolving credit facility due Aug. 19, 2018 that may be increased to $500 million, according to an 8-K filing with the Securities and Exchange Commission.

Wells Fargo Bank, NA is the administrative agent, letter-of-credit issuer and swingline lender for the restated facility; Wells Fargo Securities, LLC is the lead arranger and bookrunner; and JPMorgan Chase Bank, NA, Union Bank, NA and U.S. Bank NA are co-documentation agents.

The new credit agreement replaces the company's credit agreement dated Aug. 19, 2011.

Interest is equal to Libor plus an applicable margin based on the company's total leverage ratio. The applicable margin ranges from 125 basis points to 175 bps.

The company will also pay a commitment fee of 20 bps to 30 bps, also based on the total leverage ratio.

The credit agreement requires compliance with the following financial covenants: a total leverage ratio, a fixed-charge coverage ratio and minimum unrestricted, unencumbered liquid asset requirements. As of Aug. 19, the company was in compliance with all of the financial covenants, the filing noted.

The revolving credit facility is available to fund the company's working capital needs and for other general corporate purposes, including acquisitions and/or stock repurchases.

ValueClick is a Westlake Village, Calif.-based online advertising company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.