Cogint’s Fluent unit refinances with five-year $70 million term loan

By Wendy Van Sickle

Columbus, Ohio, March 27 – Cogint Inc. subsidiary Fluent, LLC entered an amendment to its credit agreement on Monday that refinanced its existing term loan and promissory notes with a new five-year $70 million term loan, according to an 8-K filing with the Securities and Exchange Commission.

The credit agreement permits the borrower to request up to $25 million of additional incremental term loans and to enter into an asset-based revolving credit facility with commitments of up to $10 million.

The term loans accrue interest at Libor plus 700 basis points with a 0.5% Libor floor.

Principal amortization will be $875,000 per quarter starting with the fiscal quarter ending June 30. The maturity date is March 26, 2023.

Proceeds were used in part to retire promissory notes entered into in December 2015, payable to certain stockholders in the amount of $10 million plus accrued interest of $1,425,020.

The term loan is guaranteed by Cogint and its other direct and indirect subsidiaries, excluding Red Violet, and is secured by substantially all of the assets of Cogint and its direct and indirect subsidiaries, including Fluent.

Whitehorse Finance, Inc. is the administrative agent.

Based in Boca Raton, Fla., Cogint is a data and analytics company.

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