Outbrain amends and restates $75 million credit facility

Chicago, Nov. 8 – Outbrain Inc. amended and restated its $75 million revolving credit facility with Silicon Valley Bank on Nov. 2, according to an 8-K filed with the Securities and Exchange Commission.

There is a $15 million sub-facility for letters of credit.

The new maturity date is Nov. 2, 2026 or 120 days prior to the maturity date of the company’s 2.95% convertible senior notes due 2026, unless before the springing maturity date the convertibles have been converted to common stock of the company.

Interest will be at Libor plus 150 basis points to 200 bps, based on borrowing availability.

There is a commitment fee between 20 bps to 30 bps, also based on borrowing availability.

The company must maintain a consolidated monthly fixed charge coverage ratio of 1x if the company draws 85% or more of the available commitments under the facility.

Outbrain is a New York-based web advertising platform.

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