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AcuityAds Enters into New US$21.85 Million Credit Facility with Silicon Valley Bank - Company to prepay its existing higher interest term debt
AcuityAds Enters into New US$21.85 Million Credit Facility with Silicon Valley Bank - Comp...
About this update from Illumin Holdings Inc.
[{"type":"text","content":"\n\n\n\nAcuityAds Enters into New US$21.85 Million Credit Facility with Silicon Valley Bank - Company to prepay its existing higher interest term debt\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO and NEW YORK, April 15, 2020\n\n\n\nTORONTO and NEW YORK, April 15, 2020 /CNW/ - AcuityAds Holdings Inc. (TSX: AT, OTCQX: ACUIF) (\"AcuityAds\" or the \"Company\"), a technology leader that provides targeted digital media solutions enabling advertisers to connect intelligently with audiences across all digital advertising channels, is pleased to announce that it has entered into an amended loan and security agreement with Silicon Valley Bank, the bank of the world's most innovative companies. This amended loan agreement provides up to approximately US$21.85 million of capital to AcuityAds, an increase from US$18 million previously, for working capital and general corporate purposes, subject to customary conditions.\nThis amended loan agreement includes increased availability under a revolving credit facility that will now mature on April 1, 2022, and a term loan facility that matures 48 months following the applicable drawdown date.  The proceeds from the term loans will be used to repay the Company's existing $5 million of 12% subordinated debt and for general corporate purposes.   \n\"We are very pleased to extend our close relationship with Silicon Valley Bank and very much appreciate their continued support and confidence in us,\" commented Tal Hayek, AcuityAds' Chief Executive Officer. \"This new agreement allows us to prepay our higher interest subordinated debt, significantly reduce our interest expense, extend the maturity of our credit facility and strengthen our overall financial position.\"\nWin Bear, Silicon Valley Bank's Head of Business Development in Canada said, \"We are proud to extend our relationship with AcuityAds as the company continues to grow its presence in the digital marketing space.  AcuityAds offers highly innovative and data-driven solutions for marketers to connect with their target audiences online...