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Taboola Announces Early Retirement of $61 Million in Term Loan Debt
NEW YORK, Dec. 22, 2022 (GLOBE NEWSWIRE) -- Taboola (Nasdaq: TBLA), a global leader in powering recommendations for the open web, today announced the early
About this update from Taboola.com Ltd.
[{"type":"text","content":"NEW YORK, Dec. 22, 2022 (GLOBE NEWSWIRE) -- Taboola (Nasdaq: TBLA), a global leader in powering recommendations for the open web, today announced the early retirement of approximately $61.3 million in debt under its senior secured Term Loan Facility. Taboola repurchased the debt for approximately $60.7 million with available cash on hand. The prepayment is expected to generate annual interest savings of approximately $5 to 6 million. The remaining balance of the Term Loan Facility after the prepayment is approximately $236 million. The Term Loan Facility matures in 2028. “Our vision remains focused on driving continued, profitable growth for Taboola through product innovation, long-term partnerships and great execution,” said Adam Singolda, CEO at Taboola. “We are in a unique position, because of our strong momentum this year, to have strong cash flow as well as positive results for our most important metrics. We believe that reducing our long-term debt in this manner will result in a meaningful reduction in future interest expense and is in the best interest of our shareholders.” About TaboolaTaboola powers recommendations for the open web, helping people discover things they may like. The company’s platform, powered by artificial intelligence, is used by digital properties, including websites, devices and mobile apps, to drive monetization and user engagement. Taboola has long-term partnerships with some of the top digital properties in the world, including CNBC, BBC, NBC News, Business Insider, The Independent and El Mundo. More than 15,000 advertisers use Taboola to reach over 500 million daily active users in a brand-safe environment. Following the acquisition of Connexity in 2021, Taboola is a leader in powering e-commerce recommendations, driving more than 1 million monthly transactions. Leading brands including Walmart, Macy’s, Wayfair, Skechers and eBay are among key customers. Learn more at www.taboola.com and follow @taboola on Twitter. Disclaimer – Forward-Looking StatementsCertain statements in this press release are forward-looking statements. Forward-looking statements generally relate to future events, including future financial or operating performance of Taboola.com Ltd. (the “Company”). In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expect”, “intend”, “will”...