Magnite launches $360 million term loan B at Libor plus 425-450 bps

By Sara Rosenberg

New York, March 23 – Magnite launched on Tuesday its $360 million seven-year first-lien term loan B (Ba3/B+) with price talk of Libor plus 425 basis points to 450 bps with a 0.75% Libor floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for six months and amortization of 1% per annum, the source said.

Goldman Sachs Bank USA, Fifth Third, SVB and Societe Generale are the bookrunners on the deal.

Commitments are due at noon ET on March 31, the source added.

Proceeds will be used to help fund the acquisition of SpotX from RTL Group for $1.17 billion in cash and stock. Magnite plans to issue 14 million shares to RTL.

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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