PopReach has new $115 million credit facility led by BMO

By Wendy Van Sickle

Columbus, Ohio, May 25 – PopReach Corp. has a new $115 million syndicated credit facility with Bank of Montreal as the arranger, bookrunner and administrative agent, according to a news release.

The credit facility replaces and represents an increase from the company’s prior senior secured credit facility with BMO, which totaled $43 million.

The credit facility consists of a $10 million revolving facility, a $45 million non-revolving term facility and $60 million of delayed-draw term loans.

The revolver will be used for working capital and general corporate requirements, the term loan is being used to replace the prior BMO facility and to refinance other existing debt, and the delayed-draw loans will be used to finance previous and future acquisitions.

At closing, $6.5 million of the delayed-draw loans was used to refinance a portion of the vendor take-back note issued, and the bridge financing sourced, to complete the acquisition of Schiefer Media, Inc. on April 18. In addition, $5 million of the delayed-draw loans was used to refinance the bridge financing sourced to complete the acquisition of OpenMoves, LLC on April 26.

The credit facility has a term of three years and will bear interest at adjusted term SOFR plus an applicable margin.

The term loan and delayed-draw term loans will amortize monthly starting the first full quarter post-closing, with structured amortization of 50% over the three-year term and the balance due at maturity.

Based in Toronto, PopReach is a multi-platform technology company focused on acquiring, optimizing and growing companies and assets that provide services, technology or products within the digital media ecosystem.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.