Magnite reprices term loan and credit facility, saving $1.8M annually

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 repricing of the facility, 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 maturity date of February 2031 remains unchanged, and all other terms are substantially unchanged.

The cumulative interest rate reduction on the term loan now stands at 250 basis points compared to the rate prior to the original refinancing in February 2024.

The interest rate margin on the revolving credit facility was reduced by 100 basis points. Borrowings under that facility will now bear interest at Term SOFR plus a margin ranging from 2.5% to 3.0%, down from the previous range of 3.5% to 4.0%. The facility matures in February 2029, and all other material terms remain substantially unchanged.

"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.

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