Magnite plans $560 million secured term loan for SpotX purchase

By Sara Rosenberg

New York, Feb. 5 – Magnite has received a commitment for an up to $560 million senior secured term loan to help fund its acquisition of SpotX, according to an 8-K filed with the Securities and Exchange Commission on Friday.

Goldman Sachs Bank USA provided the loan commitment.

Under the agreement, SpotX is being bought from RTL Group for $1.17 billion in cash and stock. Magnite plans to issue 14 million shares to RTL.

Other funds for the transaction will come from cash on hand.

Closing is expected in the second quarter, subject to receipt of regulatory approvals and satisfaction of customary conditions.

Magnite is a Los Angeles-based sellside advertising platform. SpotX is a Brookfield, Colo.-based video advertising platform.

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