ValueClick arranges $200 million amended five-year revolver, term loan

By Susanna Moon

Chicago, Aug. 24 - ValueClick, Inc. closed an amended and restated credit agreement last Friday with Wells Fargo Bank, NA as administrative agent, letter-of-credit issuer and swingline lender, according to an 8-K filing with the Securities and Exchange Commission.

The agreement matures on Aug. 19, 2016 and provides for a senior secured revolving credit facility of up to $150 million and a $50 million term loan to be paid in equal quarterly installments, subject to the closing of the pending acquisition of Dotomi, Inc.

Interest on the loans will be Libor plus 125 basis points to 200 bps, and the commitment fee is 20 bps to 35 bps. Both are based on the company's total leverage ratio. The initial pricing is Libor plus 150 bps plus a 25 bps commitment fee.

JPMorgan Chase Bank, NA is syndication agent. Wells Fargo Securities, LLC and J.P. Morgan Securities LLC are the arrangers and bookrunners.

Financial covenants include minimum EBITDA and minimum unrestricted, unencumbered liquid asset requirements and a total leverage ratio if the company incurs certain types of incremental debt.

The revolver will be used to fund working capital needs and for other general corporate purposes, including acquisitions or stock repurchases.

ValueClick is a Westlake Village, Calif.-based provider of online advertising campaigns and programs for advertisers and advertising agency customers.

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