Fluent Announces New $65 Million Credit Facility
March 31 2021 - 4:15PM
Fluent, Inc. (NASDAQ: FLNT), a leading data-driven performance
marketing company, today announced the entry into a new five-year
credit agreement, consisting of a $50.0 million term loan and a
revolving credit facility of up to $15.0 million, provided by
Citizens Bank, N.A., as administrative agent, lead arranger and
bookrunner, and BankUnited, N.A. and Silicon Valley Bank.
The proceeds of the term loan will be used to
repay all outstanding amounts under Fluent’s previous credit
facility (the “Refinanced Term Loan”), to pay transaction fees
and expenses, and for working capital and other general corporate
purposes.
Borrowings under the new credit facility bear a
floating rate of interest with a LIBOR margin of between 1.75% and
2.75%, which compares favorably to a LIBOR margin of 7.00% under
the Refinanced Term Loan. The new credit facility will mature
on March 31, 2026.
“This refinancing brings many benefits to Fluent,
including considerably lowering our cost of debt capital, enhancing
our financial flexibility and providing additional capital to
support future growth opportunities,” commented Alex Mandel, Chief
Financial Officer of Fluent.
Ryan Schulke, Fluent’s Chief Executive Officer,
commented, “We’re thrilled to be partnering with Citizens Bank,
BankUnited and SVB on this important transaction and in our journey
ahead. In providing this new credit facility, these strategic
capital relationships demonstrate confidence and trust in our
long-term strategic plan and market opportunity. We are also
sincerely appreciative of HIG Whitehorse for their partnership and
support under our previous credit facility over the past five
years.”
About Fluent
Fluent, Inc. (NASDAQ: FLNT) is a leading
performance marketing company with an expertise in creating
meaningful connections between consumers and brands. Leveraging our
proprietary first-party data asset of opted-in consumer profiles,
Fluent, Inc. drives intelligent growth strategies that deliver
superior outcomes. Founded in 2010, the company is headquartered in
New York City.
Safe Harbor Statement Under the Private
Securities Litigation Reform Act of 1995
The matters contained in this press release may be
considered to be “forward-looking statements” within the meaning of
the Securities Act of 1933 and the Securities Exchange Act of 1934.
Those statements include statements regarding the intent, belief or
current expectations or anticipations of Fluent and members of our
management team. Factors currently known to management that could
cause actual results to differ materially from those in
forward-looking statements are set forth under “Risk Factors” in
our Annual Report on Form 10-K for the fiscal year ended
December 31, 2020 and in our other filings with the
Securities and Exchange Commission. We undertake no obligation to
update or revise forward-looking statements to reflect changed
assumptions, the occurrence of unanticipated events or changes to
future operating results or expectations.
Contact Information:
Investor Relations Fluent, Inc. (917) 310-2070
InvestorRelations@fluentco.com
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