Trade Desk enters $200 million five-year restated revolving facility

By Tali Rackner

Minneapolis, May 10 – Trade Desk, Inc. entered into an up to $200 million five-year secured revolving credit facility on Tuesday with Citibank NA as administrative agent and lead arranger, according to an 8-K filing with the Securities and Exchange Commission.

The facility includes a $20 million sublimit for swingline loans, a $15 million sublimit for letters of credit and an up to $100 million accordion feature.

The facility amends and restates the existing revolving credit agreement, increasing the total amount of commitments available under the senior asset-based revolving credit facility by $75 million and provides greater flexibility with respect to working capital, acquisitions and general corporate purposes.

Interest is equal to Libor plus 200 basis points. The spread over Libor ranges from 200 bps to 250 bps, depending on the amount of average excess availability.

The fee for undrawn amounts ranges from 32.5 bps to 37.5 bps.

The credit facility contains customary affirmative and negative covenants, as well as a springing financial covenant based upon the company’s availability under the credit facility, according to a press release.

The Ventura, Calif., company provides a technology platform for ad buyers.

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