LENDINGTREE ANNOUNCES CLOSING OF $475 MILLION CREDIT FACILITY
LendingTree (NASDAQ: TREE), the leading online financial services marketplace, has secured a new $475 million credit facility, comprising a $400 million five-year Term Loan B and a $75 million revolving credit facility.
The new financing, led by Bank of America and Truist Securities, replaces the company's existing Term Loan B due 2028 and Apollo loan agreement. Key terms include interest rates of SOFR + 450 bps on the term loan and SOFR + 350 bps on the revolver, with a potential 25-basis point reduction upon achieving a B2 rating from Moody's.
The refinancing significantly reduces interest expense, removes restrictive covenants including minimum cash and AEBITDA requirements, and restores the company's ability to repurchase shares and make strategic investments.
LendingTree (NASDAQ: TREE), il principale marketplace finanziario online, ha ottenuto una nuova linea di credito da 475 milioni di dollari, composta da un Term Loan B quinquennale da 400 milioni di dollari e da una linea di credito revolving da 75 milioni di dollari.
Il finanziamento, guidato da Bank of America e Truist Securities, sostituisce l'attuale Term Loan B con scadenza 2028 e l'accordo di prestito con Apollo. I termini chiave prevedono tassi di interesse pari a SOFR + 450 punti base sul term loan e SOFR + 350 punti base sul revolver, con una possibile riduzione di 25 punti base al raggiungimento di un rating B2 da parte di Moody's.
Il rifinanziamento riduce significativamente il costo degli interessi, elimina covenant restrittivi come il minimo di cassa e i requisiti di AEBITDA, e ristabilisce la capacità della società di riacquistare azioni e di effettuare investimenti strategici.
LendingTree (NASDAQ: TREE), el principal mercado financiero en línea, ha asegurado una nueva línea de crédito de 475 millones de dólares, que consta de un préstamo a plazo B a cinco años por 400 millones de dólares y una línea de crédito revolvente de 75 millones de dólares.
El nuevo financiamiento, liderado por Bank of America y Truist Securities, reemplaza el Term Loan B existente con vencimiento en 2028 y el acuerdo de préstamo con Apollo. Los términos clave incluyen tasas de interés de SOFR + 450 puntos básicos en el préstamo a plazo y SOFR + 350 puntos básicos en la línea revolvente, con una posible reducción de 25 puntos básicos si se alcanza una calificación B2 de Moody's.
La refinanciación reduce significativamente los gastos por intereses, elimina convenios restrictivos como saldos mínimos de efectivo y requisitos de AEBITDA, y recupera la capacidad de la compañía para recomprar acciones y realizar inversiones estratégicas.
LendingTree (NASDAQ: TREE)는 선도적인 온라인 금융 서비스 마켓플레이스로서 새로운 4억 7,500만 달러 규모의 신용 시설을 확보했으며, 이는 5년 만기 4억 달러의 Term Loan B와 7,500만 달러의 리볼빙 신용 한도로 구성됩니다.
이번 자금 조달은 Bank of America와 Truist Securities가 주도했으며, 2028년 만기 기존 Term Loan B와 Apollo 대출 계약을 대체합니다. 주요 조건은 Term Loan에 대해 SOFR + 450bp, 리볼버에 대해 SOFR + 350bp의 금리이며, Moody's로부터 B2 등급을 받을 경우 25bp의 추가 인하가 적용될 수 있습니다.
이번 차환으로 이자비용이 크게 줄어들고 최저 현금 보유 및 AEBITDA 요건 등 제약 조항이 제거되며, 자사주 매입과 전략적 투자 수행 기능이 회복됩니다.
LendingTree (NASDAQ: TREE), la place de marché financière en ligne leader, a obtenu une nouvelle facilité de crédit de 475 millions de dollars, comprenant un Term Loan B five‑years de 400 millions de dollars et une ligne de crédit revolving de 75 millions de dollars.
Ce nouveau financement, mené par Bank of America et Truist Securities, remplace le Term Loan B en vigueur arrivant à échéance en 2028 ainsi que l'accord de prêt avec Apollo. Les principales conditions prévoient des taux d'intérêt de SOFR + 450 points de base sur le prêt à terme et de SOFR + 350 points de base sur la ligne revolving, avec une réduction possible de 25 points de base en cas d'obtention d'une notation B2 par Moody's.
Le refinancement réduit sensiblement les charges d'intérêts, supprime des engagements restrictifs tels que le niveau minimal de trésorerie et les exigences d'AEBITDA, et rétablit la capacité de la société à racheter des actions et à réaliser des investissements stratégiques.
LendingTree (NASDAQ: TREE), der führende Online-Finanzdienstleistungs-Marktplatz, hat eine neue Kreditfazilität über 475 Millionen US-Dollar gesichert, bestehend aus einem 400 Millionen US-Dollar Five‑Year Term Loan B und einer 75 Millionen US-Dollar revolvierenden Kreditlinie.
Die neue Finanzierung, angeführt von Bank of America und Truist Securities, ersetzt das bestehende Term Loan B mit Fälligkeit 2028 sowie die Apollo-Kreditvereinbarung. Zu den Kernbedingungen gehören Zinssätze von SOFR + 450 Basispunkte beim Term Loan und SOFR + 350 Basispunkte beim Revolver, mit einer möglichen Reduktion um 25 Basispunkte bei Erreichen einer B2‑Ratingstufe durch Moody's.
Die Refinanzierung senkt die Zinskosten deutlich, beseitigt einschränkende Covenants wie Mindestliquidität und AEBITDA‑Vorgaben und stellt die Fähigkeit des Unternehmens zur Rückkauf von Aktien und zu strategischen Investitionen wieder her.
- Reduced interest expense and lower cost of capital
- Removal of restrictive covenants including minimum cash requirements
- Restored ability to repurchase shares and make strategic investments
- Enhanced liquidity through $75M revolving credit facility
- Potential for further 25bps interest rate reduction with B2 Moody's rating
- Substantial debt load of $475M remains on balance sheet
- Interest rates still relatively high at SOFR + 450bps for term loan
Insights
LendingTree's new $475M credit facility significantly improves financial flexibility while reducing interest expenses and removing restrictive covenants.
LendingTree has executed a strategic refinancing that meaningfully improves its capital structure. The new
The financial benefits are substantial. Interest rates on the new facility (SOFR + 450bps for the term loan and SOFR + 350bps for the revolver) represent a reduction from previous arrangements. There's also potential for further
Perhaps most significant is the removal of restrictive covenants that had limited LendingTree's operational flexibility. The elimination of minimum cash and AEBITDA (Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization) requirements from the previous Apollo loan agreement gives management considerably more latitude. The company explicitly notes regaining the ability to repurchase shares and make strategic investments - critical tools for capital allocation that had been constrained.
This refinancing indicates growing lender confidence in LendingTree's financial trajectory. By securing this facility through major financial institutions like Bank of America and Truist Securities, the company gains both improved terms and institutional validation. The transaction aligns with management's stated focus on enhancing the company's financial foundation while positioning for future growth opportunities. The removal of restrictive covenants, reduced interest expense, and increased operational flexibility combine to strengthen LendingTree's competitive positioning in the online financial services marketplace.
New Financing Reduces Interest Expense, Removes Cumbersome Covenants, and Increases Operating Flexibility
"This transaction marks a major milestone in our ongoing efforts to enhance our financial foundation," said Jason Bengel, Chief Financial Officer of LendingTree. "The new facility will reduce our interest expense, eliminate several restrictive covenants from prior agreements, and reward shareholders with a lower cost of capital that is reflective of our improved growth trajectory. Going forward this new facility enables us to operate with more flexibility, invest in the business, and opportunistically repurchase shares."
The facility, led by Bank of America as lead left arranger and bookrunner and Truist Securities as joint lead arranger and bookrunner, provides LendingTree with a simplified and more cost-efficient debt profile. Key terms include:
$400 million $75 million - Interest rates of SOFR + 450 bps on the term loan and SOFR + 350 bps on the revolver
- The facility includes a 25-basis point reduction in interest margin upon achieving a B2 rating with a stable outlook from Moody's
- Use of proceeds includes refinancing of existing debt and general corporate purposes
- Reduced restrictive covenants, including the removal of minimum cash and AEBITDA requirements associated with the Apollo loan agreement, and we regain the ability to repurchase shares and make strategic investments
- The revolving credit facility enhances liquidity and operational flexibility
"This refinancing is a strategic move that strengthens our balance sheet and gives us the flexibility to execute on our long-term vision," said Doug Lebda, Chairman and CEO of LendingTree. "We're now in a stronger position to grow the business, pursue new opportunities, and drive long-term shareholder value."
Additional details on the transaction can be found in the Company's Form 8-K filed with the Securities and Exchange Commission on August 21, 2025.
LendingTree cautionary note regarding forward-looking statements
The matters contained in the discussion above may be considered to be "forward-looking statements" within the meaning of the securities act of 1933 and the securities exchange act of 1934, as amended by the private securities litigation reform act of 1995. Those statements include statements regarding the intent, belief or current expectations or anticipations of LendingTree and members of our management team, and there can be no assurance that LendingTree will achieve its objectives. For further discussion of risks and uncertainties relevant to LendingTree's business, please see LendingTree's most recent form 10-K filed with the
About LendingTree
LendingTree, inc. Is the parent of LendingTree, LLC and several companies owned by LendingTree, LLC (collectively, "LendingTree"). LendingTree is one of the nation's largest, most experienced online financial platforms, created to give consumers the power to win financially. LendingTree provides customers with access to the best offers on loans, credit cards, insurance and more through its network of approximately 430 financial partners. Since its founding, LendingTree has helped millions of customers obtain financing, save money, and improve their financial and credit health in their personal journeys. With a portfolio of innovative products and tools and personalized financial recommendations, LendingTree helps customers achieve everyday financial wins. LendingTree, inc. Is headquartered in charlotte, NC.
Contact
press@lendingtree.com
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SOURCE LendingTree, Inc.
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