Magnite launches $365 million term loan B at SOFR plus 450 bps

By Sara Rosenberg

New York, Jan. 22 – Magnite Inc. launched on Monday a $365 million senior secured covenant-lite first-lien term loan B due January 2031 (Ba3/BB-) that is talked at SOFR plus 450 basis points with a 0% floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for six months, 0 bps CSA and amortization of 1% per annum, the source said.

Morgan Stanley Senior Funding Inc., Citigroup Global Markets Inc., Barclays, Capital One, Goldman Sachs Bank USA, MUFG, SVB and Truist Securities are the bookrunners on the deal. Morgan Stanley is the agent.

Commitments are due at 5 p.m. ET on Jan. 30, the source added.

Proceeds will be used to refinance an existing $351 million term loan B and to pay transaction related fees and expenses.

In addition, the company plans to get a new upsized five-year senior secured revolving credit facility to refinance its existing $65 million revolver.

Magnite is a New York-based sellside advertising company.

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