Demand Media terminates $100 million term loan, $125 million revolver

By Jennifer Chiou

New York, Dec. 1 – Demand Media, Inc. terminated on Nov. 28 its credit agreement providing an up to $100 million five-year senior secured term loan facility and a $125 million five year senior secured revolving loan facility, according to an 8-K filing with the Securities and Exchange Commission.

Silicon Valley Bank was the administrative agent, issuing lender and swingline lender with U.S. Bank NA as syndication agent and Silicon Valley Bank and U.S. Bank NA as joint arrangers and joint bookrunners.

At the time of termination, there was about $73.8 million outstanding under the term loan facility, no principal balance outstanding under the revolving loan facility and an outstanding standby letter of credit with a face amount of $1.4 million.

Demand Media said it used cash on hand to pay all outstanding principal, interest and other amounts owed under the credit agreement and to cash collateralize the outstanding standby letter of credit.

The content and social media company is based in Santa Monica, Calif.

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