Magnite (NASDAQ: MGNI) has completed the repricing of its $358 million senior secured term loan facility and its $175 million senior secured revolving credit facility, according to a company statement.

The term loan repricing, the third such adjustment since February 2024, reduces the interest rate by 50 basis points to Term SOFR + 2.50%, down from Term SOFR + 3.00%. The company said the reduction will generate approximately $1.8 million in annualized cash interest savings. The cumulative interest rate reduction on the term loan now stands at 250 basis points compared to the rate before its refinancing in February 2024. The term loan matures in February 2031, and its maturity date remains unchanged.

The revolving credit facility, which matures in February 2029, saw its interest rate margin reduced by 100 basis points. Borrowings will now bear interest at Term SOFR plus a margin ranging from 2.5% to 3.0%, compared to the previous range of 3.5% to 4.0%.

"By driving down our borrowing costs across both facilities, we have reduced our annualized interest expense by an additional $1.8 million," said Brian Gephart, CFO of Magnite. All other material terms of both facilities remain substantially unchanged.