Magnite financing includes $52.5 million five-year revolver

Chicago, April 5 – Magnite announced that recent financings include a $52.5 million five-year revolving credit facility, according to a press release.

The company has been working out financing 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.

Previously reported, the company has also reached agreement in principle for a $360 million senior secured term loan B with a seven-year tenor and priced at Libor plus 500 basis points. The loan has a 0.75% Libor floor.

Magnite also sold $400 million of convertible notes due 2026. The notes helped reduce the amount of the term loan by $200 million, as the original Goldman Sachs commitment for the loan was set at $560 million.

The new capital structure will result in a blended cash interest rate of 2.9% when combining the term loan and the convertible notes.

Goldman Sachs led both the facilities and the convertible notes financing.

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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