IAC amends revolver; subsidiary Match obtains $500 million facility

By Wendy Van Sickle

Columbus, Ohio, Oct. 13 – IAC/InterActiveCorp. amended and restated its credit agreement providing for a five-year $300 million revolving facility on Oct. 7, and its subsidiary the Match Group Inc. entered into a five-year $500 million revolving facility, according to an 8-K filed with the Securities and Exchange Commission.

The IAC credit agreement is dated Dec. 21, 2012. Both agreements have JPMorgan Chase Bank, NA, as administrative agent.

Borrowings under the IAC agreement bear interest at Libor plus an applicable margin based on the company’s consolidated leverage ratio.

Proceeds may be used for general corporate purposes.

The credit agreement contains covenants that restrict the ability of the company to take actions, including, among other things and subject to certain exceptions: creating liens; incurring debt; making investments and acquisitions; engaging in mergers, dissolutions and other fundamental changes; making dispositions; making restricted payments, including dividends; consummating transactions with affiliates; entering into sale-leaseback transactions; placing restrictions on distributions from subsidiaries; and changing the fiscal year.

The Match credit agreement also bears interest at Libor plus an applicable margin based on consolidated leverage ratio.

It contains similar restrictions to the IAC agreement as well as a restriction preventing Match from engaging in material operational activity or owning material assets other than equity interests in its subsidiaries.

Proceeds of the Match credit agreement can be used for general corporate purposes, including to fund dividends and other distributions to IAC.

IAC is a New York-based media and internet company.

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