MeridianLink Inc. (NYSE: MLNK), a Costa Mesa-based provider of software platforms for small banks and credit unions, has entered a Term Loan B Facility of seven years for $435 million and a $50 million revolving credit facility.
The facility, with an initial rate of 3.5%, is rated BBB- by S&P; Global Ratings, BB+/RR1 by Fitch Ratings, and B2 by Moody’s Investors Service. Proceeds under the new facility were used to pay all outstanding amounts due and payable under the company’s existing senior secured first-lien credit facility.
“Today’s announcement is a validation of the strong interest in our company, and we are pleased with the subsequent favorable terms of this new credit agreement,” MeridianLink CFO Chad Martin said in a statement.
Co-founder Tim Nguyen in September was honored with a Business Journal Innovator of the Year award.
After the announcement, shares were unchanged at $24.18 and a $1.9 billion market cap. The company went public in July at $26 a share.
