Rocket Fuel enters $100 million syndicated credit facility led by Comerica Bank
Rocket Fuel is an artificial intelligence advertising solutions company that has entered into a $100 million syndicated credit facility led by Comerica Bank on December 20, 2013. City National Bank and Silicon Valley Bank also participated in the credit facility. This credit facility amends and restates Rocket Fuel’s existing Loan and Security Agreement that was dated on April 7, 2010.
“This increase in our banking lines, plus our strong cash position of $125 million at the end of the third quarter, gives us flexibility to fund our growth effectively. We appreciate the support of our lenders and are excited to enter 2014 in such a strong position,” stated Rocket Fuel chief financial officer J. Peter Bardwick.
Through the amended facility, Rocket Fuel’s liquidity reserves comprising cash and committed credit facilities will help support future growth for Rocket Fuel in the next few years. The facility expires on December 20, 2018.
“The innovative work that Rocket Fuel is doing is reflective in its recent successes and growth in the market,” added Dennis Rapoport, Comerica Bank vice president. “We are happy to continue our partnership with Rocket Fuel and excited to see what is in store for 2014.”