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DTS gets commitment for $175 million debt financing from Wells Fargo
By Angela McDaniels
Tacoma, Wash., Sept. 2 – DTS, Inc. received a commitment for up to $175 million of debt financing from Wells Fargo Bank, NA, according to an 8-K filing with the Securities and Exchange Commission.
The company expects to use about $135 million of the proceeds and about $37 million of cash on hand to acquire iBiquity Digital Corp. Proceeds will also be used to refinance DTS’ existing debt.
DTS agreed to acquire iBiquity Digital for $172 million on a cash-free/debt-free basis, subject to certain working capital and other adjustments.
The companies expect the acquisition to close later in 2015.
DTS makes high-definition audio solutions and audio enhancement technologies. iBiquity Digital is the developer of digital HD radio technology for AM/FM audio and data broadcasting. They are based in Calabasas, Calif., and Columbia, Md., respectively.
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