MediaAlpha unit amends $240 million credit agreement with JPMorgan

Chicago, Aug. 3 – QuoteLab, LLC and QL Holdings LLC, subsidiaries of MediaAlpha, Inc., amended their credit facility with JPMorgan Chase Bank, NA as administrative agent on July 29, according to an 8-K filing with the Securities and Exchange Commission.

The facility originally was signed Sept. 23, 2020.

The amended agreement provides for a $190 million five-year senior secured term loan and a new five-year senior secured revolver for $50 million.

Proceeds from the term loan were used to refinance all of the $186.4 million of term loan borrowings outstanding under the existing credit agreement and for general corporate purposes.

The revolver replaced the existing revolver.

The borrower may request up to $75 million of additional term or revolving commitments.

Interest will be based on net leverage and will range from Libor plus 200 basis points to 275 bps with a 0% Libor floor.

The loans may be prepaid at any time without premium.

The maturity date is July 29, 2026. Amortization on the term loan facility will start with quarterly payments on Dec. 31 in an amount of 1.25% of the total outstanding principal amount of loans initially made.

JPMorgan and RBC Capital Markets were joint lead arrangers and joint bookrunners.

RBC was the syndication agent.

MUFG Union Bank, NA and Regions Bank are listed as co-documentation agents.

Los Angeles-based MediaAlpha helps companies reach consumers shopping for insurance and other verticals by using tech and data science.

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