Red Ventures to get new debt financing for purchase of Bankrate

By Sara Rosenberg

New York, July 3 – Red Ventures plans on getting new debt financing to help fund its acquisition of Bankrate, according to a news release.

Bank of America, Barclays, Citigroup, Credit Suisse, Fifth Third, MUFG and PNC are providing debt financing for the transaction.

Under the agreement, Bankrate is being bought for $14.00 per share in cash. The transaction values Bankrate at an enterprise value of about $1.4 billion.

Closing is expected this year, subject to approval by Bankrate shareholders, regulatory approval and other customary conditions.

Red Ventures is a Charlotte, N.C.-based digital consumer choice platform. Bankrate is a New York-based online publisher, aggregator and distributor of personal finance content.

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