Cadent plans new debt financing for AdTheorent purchase

By Sara Rosenberg

New York, April 1 – Cadent LLC has received a commitment for debt financing to help fund its acquisition of AdTheorent Holding Co. Inc., according to an 8-K filed with the Securities and Exchange Commission on Monday.

RBC Capital Markets provided the debt commitment.

Other funds for the transaction will come from equity.

Under the agreement, AdTheorent stockholders will receive cash consideration of $3.21 per share, representing an equity value of about $324 million.

Closing is expected by the third quarter, subject to approval by AdTheorent’s stockholders, expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as well as other customary conditions.

The merger agreement includes a 33-day “go shop” period.

Cadent is a New York-based provider of platform-based converged TV advertising solutions and a portfolio company of Novacap. AdTheorent is a New York-based machine learning pioneer delivering measurable value for programmatic advertisers.

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