Propel Media: Propel Media Strengthens Balance Sheet with New $57 million, 5-year Credit Facility with MGG Investment Group

Secured a 5-year, $50 million term debt and $7 million revolver facility from MGG Investment GroupRetired original facility seven months in advance of maturity due to strong cash flowRetired $5 million outstanding obligation to former Future Ads owners$55 million cumulative reduction in debt and other future obligations since Future Ads merger in January 2015IRVINE, Calif., May 31, 2018 (GLOBE NEWSWIRE) -- Propel Media, Inc. (OTC:PROM), a performance focused digital media and advertising company, today announced that it has entered into a new 5-year, $50 million term and $7 million revolver credit facility with MGG Investment Group. The original $81 million term and $15 million revolving facility was entered into in January 2015 in connection with Propel Media's merger with Future Ads. The original facility was set to mature in January 2019 and had $53.2 million outstanding when it was retired in full on May 30, 2018.Additionally, in connection with the 2015 merger with Future Ads, the Company incurred a $10 million deferred obligation to the former owners of Future Ads. On May 31, 2018, the Company is paying $5 million of this obligation. The Company and the former owners of Future Ads have agreed to extend the due date of the final $5 million payment to June 30, 2023. "We have successfully refinanced our credit facility with MGG, which participated in our original 2015 financing and has been an excellent partner over the last three and a half years," said Marv Tseu, Chief Executive of Propel ...Full story available on Benzinga.com